New NKBA Report Pegs Kitchen Remodeling Industry at $49 Billion
More than 10 million households remodeled their kitchen in 2015, amounting to a $49 billion annual industry according to research from the National Kitchen & Bath Association (NKBA). The NKBA U.S. Market Size Study: Kitchen Products 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.
This study, completed in cooperation with The Farnsworth Group, provides detailed data on 17 major product categories in the kitchen space. It included 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.
Other findings include: 19 percent of kitchen remodel/replacement jobs were complete remodels, but they accounted for 47 percent of the total kitchen spending; 48 percent of the dollars spent on kitchen replacement/remodeling products are allocated for cabinets and appliances; and 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.
An executive summary of the study and the full report are available at nkba.org/research.