Hardware Retailing The Industry's Source for Insights and Information
The National Kitchen and Bath Association (NKBA) has a positive outlook on the kitchen and bath industry for 2024.
Split into four primary industry segments, the NKBA/John Burns Kitchen & Bath Market Index (KMBI) covers design, building and construction, manufacturing and retail. The report includes key measures used for discerning trends and finding strengths and weaknesses in the industry.
The report identifies the latest market shifts and gives insights on opportunities for growth and challenges for professionals. When comparing the end of 2023 to 2022, the KBMI and all of its component measures declined. Of the 474 industry professionals who participated in the survey, the majority said they expect conditions to improve early in 2024, signaling that the industry is at or nearing an inflection point.
Despite project cancellations and increasing economic challenges, most kitchen and bath professionals reported a 6.5% increase on average in year-over-year project completions, and they are expecting their revenues to increase by 7% in 2024.
The 2024 NKBA report also covers labor shortages and how they impact projects, inflation expectations and a more detailed outlook on the industry.
