by Freedonia Focus Reports Team
August 1, 2024
Need for renovation in older homes, elderly desire to age in place will also drive increases
Cleveland, OH, August 1, 2024 — US spending on home kitchen and bathroom remodeling is forecast to advance 4.3% per year in nominal terms through 2028, according to Kitchen & Bathroom Remodeling: United States, a report recently released by Freedonia Focus Reports. Gains will be spurred by:
the country’s large stock of older residences, which will require some level of updating
homeowner interest in adding bathrooms (such as by installing one on every floor of a home) and larger kitchens to improve convenience
renovations by older Americans to facilitate aging in place, such as by installing walk-in bathtubs and elevated toilets
design trends that call for kitchens to be the center of a home, with more countertop space for gathering and high-value products that enhance the appearance of the room
consumer interest in amenities that facilitate meal preparation, such as kitchen islands with prep sinks and cabinets with pull-out shelving and storage racks
Further gains will be limited by continued competition from spending on other interior and exterior home remodeling projects that may take precedence over kitchen and bathroom projects.
Spending on home kitchen and bathroom remodeling is expected to rebound in 2024 from the drop in 2023 as residential improvement and repair expenditures recover. Furthermore, a stabilizing of prices will increase consumer confidence in remodeling projects, driving real growth in spending.
These and other key insights are featured in Kitchen & Bathroom Remodeling: United States. This report forecasts to 2028 US kitchen and bathroom remodeling spending in nominal US dollars. Total spending is segmented by product in terms of:
Total spending is also segmented by market as follows:
To illustrate historical trends, total spending and the various segments are provided in annual series from 2013 to 2023.
This report covers both the products used in home kitchen and bathroom remodeling, as well as the value of the services required to install these products.
Sales of products used in home kitchen and bathroom renovations are presented in value terms (US dollars) at the retail level. For countertops, sales are presented at the fabricators’ level for all surface materials except tile and poured-in-place concrete – sales of which are measured as installation revenues (where the countertop is created) and at the retail level.
The words “remodeling” and “renovations” are synonymous with each other and are used interchangeably throughout the report.
This report includes the results of a proprietary national online consumer survey of US adults (age 18+). This Freedonia Focus Reports National Online Consumer Survey has a sample size of approximately 1,500, screened for response quality, and representative of the US population on the demographic measures of age, gender, geographic region, race/ethnicity, household income, and the presence/absence of children in the household.
More information about the report is available at:
https://www.freedoniagroup.com/freedonia-focus/kitchen-bath-remodeling-united-states-ff60108.htm
About Freedonia Focus Reports
Each month, The Freedonia Group publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Construction & Building Products reports can be purchased at Freedonia Focus Reports.
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