Report Price: $1995
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The NKBA/ John Burns Kitchen & Bath Market Index (KBMI) is a quarterly gauge of current and future market conditions within the kitchen and bath industry. A total of 508 industry professionals participated in the Q1 2024 study from the four primary industry segments – Design (38%), Building & Construction (20%), Manufacturing (22%), and Retail (20%). The report includes key measures used for discerning trends, strengths, and weaknesses within the industry. Additionally, the report examines the latest market shifts and provides valuable insights into the ever-changing opportunities for growth within the industry, as well as the challenges that industry professionals are experiencing and how they are being addressed.
Kitchen and bath firms serving high-income households are seeing an interest in higher-end, “quality-first” projects and larger project scopes, a positive sign for the industry.
Key Takeaways
- When comparing Q1 2024 year-end results to Q4 2023, the KBMI and all its component measures improved overall.
- The fact that the Q1 KBMI Index rated 56 on a 100-point scale, improving from the previous quarter, suggests that the industry is seeing an uptick in the beginning of 2024 with near term expectations that are extremely positive.
- Kitchen and bath professionals in all four surveyed segments – design, building & construction, retail sales and manufacturing – said that their Q1 sales were the same as or better than Q4 2023. All segments expect their sales to significantly improve in Q2 given that spring is the buying/selling/improving season and due to a general expectation that the market will recover soon.
- Kitchen and bath firms serving high-income households are seeing an interest in higher-end, “quality-first” projects and larger project scopes, a positive sign for the industry.
Additional Topics Covered
- Labor shortages continue to be the top concern in the industry.
- Interest rate issues vary by region however, all regions have concerns.
- Expectations for an industry recovery vary by industry but are consistently positive.