NKBA releases 2021 Market Outlook report
January 27, 2021 | By HPAC Magazine
The National Kitchen & Bath Association annual Market Outlook report, available free to members, includes an assessment of how COVID-19 and related economic and housing market trends are impacting the North American kitchen and bath industry.
The National Kitchen & Bath Association (NKBA), the U.S.-based trade association with chapters in Canada, has released its annual Market Outlook report, available free to members (US$1,995 for non-members), providing an assessment of how COVID-19 and related economic and housing market trends are impacting the kitchen and bath industry.
The North American report provides a gauge of current market size and a forecast for the year.
Key Takeaways
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Full year K&B revenues are projected at $158.6 billion, a 16.6% increase over 2020.
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New construction is forecasted to grow by over 22% vs. 10% for kitchen and bath remodeling.
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High-end and mid-range projects are expected to lead the way, with both approaching 20% gains over last year.
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A housing supply shortage combined with strong demand due to low interest rates will lead to substantial home appreciation through 2023.
Additional Topics Covered
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Key factors impacting K&B growth.
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The employment picture following the pandemic.
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COVID-19’s impact on remodeling by room.
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Motivation/inspiration for K&B projects.
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Influence of social media on K&B remodeling projects.
