NKBA/John Burns Kitchen & Bath Market Index (KBMI) – Q3 2023
Report Price: $1995
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The NKBA/ John Burns Kitchen & Bath Market Index (KBMI) serves as a quarterly assessment of the present and anticipated market dynamics in the kitchen and bath sector. This quarter’s results draw insights from 761 professionals representing the industry’s four major segments: Design, Building & Construction, Retail Sales and Manufacturing. The report explores the latest market shifts and provides valuable insights into the ever-changing challenges and opportunities faced by each segment.
The Q3 2023 KBMI dipped 2 points to 53, marking a nearly two-year period of market deceleration.
Key Takeaways
- The Q3 2023 KBMI dipped 2 points to 53, marking a nearly two-year period of market deceleration.
- All four segments report KBMI declines, but not to the same degree. Designers were the least impacted by softening consumer demand (55), while retailers experienced the greatest struggle (47).
- Q3 K&B industry sales varied considerably by region, with declines in the West and Northeast and gains in the Southeast (especially Florida).
- Price increases are slowing and supply chain challenges nearly vanished.
- The cost and availability of labor remains the industry’s biggest challenge.
- The 2024 outlook is still positive, with 44 percent of all K&B firms and 49% of manufacturers expecting sales revenue to increase next year. Most expect any significant pick-up to occur in the second half of 2024.
Additional Topics Covered
- Top challenges currently facing each segment and how they are addressing them
- Status of backlogs and new leads for designers and remodelers
- Share of Q3 K&B projects that were canceled vs. postponed
- How industry professionals are addressing narrowing gross margins
- Outlook for 2024 by industry segment