In the News – NKBA Report: Kitchen Remodeling Industry Estimated to Be $49 Billion
The National Kitchen and Bath Association has released a new report estimating that more than 10 million households remodeled their kitchen in 2015, amounting to a $49 billion annual industry.
The research also found that consumer spending in this market ranges from an average of $1,024 for a simple replacement job to over $19,000 for a complete remodel.
Completed in cooperation with The Farnsworth Group, the new study, “NKBA Size of Industry: Kitchens Report,” provides strategic insights into the marketplace and offers detailed data on 17 major product categories in the kitchen space.
“It includes types of kitchen products purchased by consumers and professionals, the amount spent by each, product volumes by type of project, where items were purchased, and more,” the NKBA says.
Other findings from the report:
- Just under one in five kitchen remodel/replacement jobs (19 percent) were complete remodels, but they accounted for nearly half (47 percent) of the total kitchen spending.
- Nearly half of the dollars spent (48 percent) on kitchen replacement/remodeling products are allocated for cabinets and appliances.
- For all types of kitchen projects, big box stores (e.g., Home Depot, Lowe’s) are visited by around two-thirds of consumers who are remodeling, although most visit more than one type of store.
“The NKBA is dedicated to conducting research that ensures our members stay ahead of important trends and changes in the market,” said NKBA CEO Bill Darcy. The studies, he adds, help members understand what is happening today and what to expect in the near future.
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