Traditionally, kitchen and bathroom remodeling projects have played a key role in the US construction industry. Even during recessions, consumers love to remodel their kitchens and add or refurbish bathrooms. Not only do these projects add value to a home – always an important consideration – but in many cases they also give the homeowner a chance to personalize their residence while imparting convenience and enhancing beauty. However, given the scope of the COVID-19 pandemic, many have wondered as to the role of kitchen and bathroom remodeling in the construction industry going forward.
According to a recent report from the National Kitchen and Bath Association, kitchen and bathroom remodeling is predicted to fall in 2020; however, interest in kitchen and bathroom remodeling will remain high going forward, thus providing some optimism for those working in the field. Indeed, among the highlights of the report were:
- While 81% of those surveyed had postponed or canceled kitchen and bathroom renovation projects, 70% of these consumers planned to reschedule them for later in the year.
- There was more interest in completing bathroom renovations than there was for kitchen remodeling.
- Smaller-scale projects were more likely to be completed than more complex or costly ones.
- The large majority of respondents were more likely to use personal savings to finance renovations.
The expectation of a strong end to the year for the US kitchen and bathroom remodeling industry will boost demand for a wide range of building materials, including cabinets, countertops, flooring, lighting fixtures, drywall, paint, and windows and doors.
For more information and discussion of opportunities, see The Freedonia Group’s extensive collection of off-the-shelf research, particularly in the Construction and Building Products area and Global E-Commerce. Freedonia also offers an expanding catalog of COVID-19 Economic Impact reports, which highlight how various industries are responding to the current crisis with a comparison to recent recessions. Freedonia Custom Research is also available for questions requiring tailored market intelligence.