Hardware Retailing The Industry's Source for Insights and Information
According to the National Kitchen & Bath Association, the kitchen and bath full-year industry revenues are expected to reach a record $199 billion in 2022, with an anticipated growth of 19 percent for the second year in a row.
Whether they are replacing a kitchen faucet or undertaking a full bath remodel, here’s what homeowners can expect when taking on kitchen and bath projects this year.
Worker shortages. 80 percent of companies looking for industry and manual services workers say it’s “somewhat” or “very difficult” to find qualified workers. 49 percent of companies say it is “somewhat” or “very” difficult to retain workers.
Repair and replacement. The average age of a home in the U.S. is 40 years old. What begins as a faucet replacement can often lead to a new sink, counter and remodel project.
Return of the pros. Rising costs will drive some homeowners to take on projects themselves, but 85 percent of remodels will include professional involvement.
Project backlog. Designers report an average of three months of project backlog due to pent-up demand for premium upgrades, supply chain issues and a lack of skilled labor.
New customer base. The 23 percent increase in relocations from big cities to midsize or small metropolitan areas brings a different customer base to retailers.
Rise of the middle. Mid-spend projects will lead 2022 with annual growth projected to be over 25 percent, topping the expected 21 percent for low price-point ventures. Higher-end projects will pull back from their robust pace. Low-spend ventures usually include minor DIY updates and remodels and low-cost products found in new starter homes. Mid-spent projects include larger remodels and more expensive products, and high-end projects consist of major, full-service remodels that usually use a designer and showroom and high-end products found in new luxury homes.
