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Continuing Homeowner Interest in Kitchen and Bathroom Remodeling to Boost Spending
Homeowners will continue to invest in kitchen and bathroom projects as a way to improve the appearance and functionality of their residences. Such projects as renovating an older kitchen or adding a bathroom can enhance convenience and efficiency. Furthermore, many homeowners will choose to undertake kitchen and bathroom renovations because of their ability to boost property resale values.
Key Findings in the Home Kitchen & Bathroom Remodeling Study:
Older Homeowners Looking to “Age in Place” Will Support Spending
The aging of the US population offers growth prospects for kitchen and bathroom remodeling professionals. Homeowners trying to remain in their homes as they grow older will often invest in renovations to make it easier. Consumers will install extra bathrooms – such as one on every floor – to boost convenience and install senior-friendly products, such as elevated toilets, walk-in bathtubs, shower surrounds with integrated seats, and touchless faucets. In kitchens, homeowners will add slip-resistant flooring, and cabinets with pull-out shelves and racks to more easily access crockery and foodstuffs.
“Showpiece” Kitchens and Bathrooms to Continue to Gain in Popularity
Homeowners increasingly are creating “showpiece” kitchens and bathrooms that impress guests and add to the value of a home. Kitchens now serve as places for gatherings and entertaining visitors, with features like custom cabinets, engineered and natural stone countertops, and wood-look flooring to create a visually appealing space. Similarly, many consumers – to create a spa-like atmosphere in their bathrooms – will invest in such amenities as showers with aromatherapy and massotherapy fittings, his and her vanities, and access lighting that serves to highlight cabinets and other features.
Bathroom Renovations to See Faster Growth
While kitchen renovations will continue to account for the larger share of total spending, bathroom renovations will see more rapid gains in spending through 2022. Owners of older homes with only one bathroom will increasingly install additional bathrooms to improve convenience or to make a home more habitable – an important consideration as multigenerational families become more common. Many of these new rooms will be full bathrooms, necessitating the installation of multiple fixtures and such related products as fittings and water supply and waste pipes.
This industry study presents historical demand data (2007, 2012, and 2017) and forecasts for 2022 by room (kitchens and bathrooms), type of spending (installed products, measured at both the manufacturers’ level and at the retail level; and installation services) and product (cabinets, countertops, flooring, plumbing, and lighting fixtures). The study also evaluates factors driving kitchen and bathroom remodeling spending growth and discusses key sales channels.