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 474 industry professionals participated in the Q4 2023 study from the four primary industry segments – Design (38%), Building & Construction (21%), 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.
Key Takeaways
- When comparing 2023 year-end results to 2022, the KBMI and all its component measures declined.
- The fact that the Q4 KBMI Index rated 53 on a 100-point scale, nearly unchanged from the previous quarter, suggests that the industry stabilized at the close of 2023.
- Kitchen and bath professionals in all four surveyed categories – design, building & construction, retail sales and manufacturing – said they expect conditions to improve early in 2024, signaling that the industry is at or nearing an inflection point.
- Despite project cancellations and increasing economic challenges, most K&B professionals reported a 6.5% increase, on average, in year-over-year project completions and they are expecting their revenues to increase by 7% in 2024.
- Kitchen and bath firms report preliminary signs of a shift toward increased higher-end, “quality-first” projects and larger project scopes, all positive signs for the industry.
Additional Topics Covered
- Labor shortages and how they are impacting projects and how this issue is being addressed by industry professionals
- Expectations of how inflation, interest rates and the Presidential election will impact the K&B industry in 2024
- Expectations and outlook for the kitchen and bath industry by segment