The US home improvement market continues to be a source of strength for the US economy, as consumers remain interested in remodeling and adding on to their homes. A recent update by the National Kitchen & Bath Association demonstrates the strength of this, showing that spending on new kitchens and bathrooms is projected to rise more than 20% in 2021 – a substantial increase from its previously published figures.
In the new residential market, spending will be driven by strong new housing activity, as home builders capitalize on high demand for single-family by erecting new residences as fast as they can – despite high prices for building materials and shortages of lumber and other key products. Many of these newly built homes will feature large kitchens and multiple bathrooms (including master bathroom suites) to entice buyers.
In the much larger residential remodeling segment, many homeowners will seek to purge the memories of the COVID-19 pandemic by completely changing the residences in which they spent so much time over the past year. Kitchen and bathroom remodeling projects will be among the work most often specified by homeowners as they modernize the look of their homes or add features to enhance comfort and convenience – such as more and larger bathrooms with his-and-her sinks, senior-friendly toilets and bathtubs, and touchless fittings, or kitchens with more space for meal preparation and to store the new kitchen appliances that saw intensive use during the past year.
This surge in kitchen and bathroom activity will drive demand for a wide range of products, including:
- plumbing fixtures (sinks, toilets, and bathtubs and showers)
- plumbing fittings (faucets, showerheads, flush valves)
- pipe, valves, and fittings
- hard surface flooring (especially decorative tile and luxury vinyl tile, or LVT)
- paint, drywall, and other interior finishing materials
For more information and discussion of opportunities, see The Freedonia Group’s extensive collection of off-the-shelf research, particularly such studies as Home Kitchen & Bathroom Remodeling, as well other studies in the Construction and Building Products and Consumer Goods areas. Freedonia Custom Research is also available for questions requiring tailored market intelligence.