Report Price: $1995
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The NKBA/ John Burns Kitchen & Bath Market Index (KBMI) is conducted quarterly and serves as a gauge of current and future market conditions within the kitchen and bath industry. A total of 392 industry professionals participated in the Q2 2024 study from four primary industry segments – Design, Building and Construction, Manufacturing and Retail. The report features key metrics for identifying industry trends, strengths and weaknesses. The report also analyzes the latest market changes and offers valuable insights into both the growth opportunities and challenges faced by industry professionals.
The KBMI for Q2 2024 fell to 54 from 56 in Q1 2024 as economic uncertainty caused many consumers to postpone kitchen and bath upgrades.
Key Takeaways
- The KBMI for Q2 2024 fell to 54 from 56 in Q1 2024 as economic uncertainty caused many consumers to postpone kitchen and bath upgrades.
- This decline in consumer confidence has led to an increasingly static market with K&B professionals lowering their 2024 revenue growth expectations to 2.7% year over year (YOY), down from 5.7% in the previous quarter.
- Sales of new K&B projects and services increased by 0.9% YOY in Q2 2024. However, with prices rising more significantly this indicates low-single-digit negative volume.
- K&B retailers reported a 5% quarter over quarter (QOQ) decline in foot traffic due to inconsistent demand, with many brick-and-mortar retailers citing strong competition from online retailers.
- Most industry growth is happening at the extremes. Both low-end and large, high-end projects are moving forward, while many middle market homeowners are remaining on the sidelines for now.
Additional Topics Covered
- KBMI and its core metrics by segment
- Revised 2024 revenue growth expectations by segment
- Top growth constraints for K&B firms
- Lead quality for K&B projects by project size
- Average product/project price increases by segment
- Geographic commentary for select regions and states