According to the National Kitchen & Bath Association, the high end of the kitchen and bath market is predicted to “shine” in the months ahead.
The market is now expected to surge by more than 28% compared to 2020 (topping the association’s initial 19.8% projection).
Why? As our homes have turned into schools and offices, the kitchen is more of a family hub than ever. The dining table has become an office and kitchen cabinets serve as backgrounds to all-day Zoom meetings.
And with local and national restrictions, disposable income isn’t going towards dining out, vacations, and entertainment like it used to be.
Now more than ever, homeowners want to go the extra mile in making their homes beautiful, inviting, and luxurious…
“Total kitchen spending (new construction and remodel) is now targeted at $81 billion, with bath spending estimated at $89 billion, both more than 20% above last year and appreciably higher than the initial forecast.”
Additionally, the NKBA concludes that, “Nearly 1 in 3 homeowners plan to boost their home-improvement discretionary spending this year, well above the 1 in 5 (or fewer) who plan such increases for eating out, entertaining, travel or health.”
In conclusion, the average home-improvement project price point is 25% higher than last year.