Annually, the National Kitchen & Bath Association publishes an industry outlook. Like most everything else that has occurred in 2020, the optimistic prediction at the start of the year took a dramatic about-face when stay-at-home orders were issued in the middle of March. Recently, NKBA has updated its outlook to account for the impact of COVID-19. The updated study found the following according to a recent article in Kitchen & Bath Business.
Primary reasons why projects were scrapped or postponed were fewer resources, fear of strangers entering their homes, limited access to industry professionals, decline in income, fear of job loss and showroom closures. Financial concerns were cited by 25% of homeowners that delayed or canceled their projects.
Nearly 33% of Americans reported that they have changed the way they view their kitchens and baths due to COVID-19 focusing on health and safety, quality, function and design. For Americans working from home, 38% have changed how they think about their kitchens and baths, and 19% of those working from home reported wanting to renovate their kitchen or bath.
The report is free to NKBA members. Call 800-843-6522 to order the 2020 Kitchen & Bath Market Outlook: Q1 Update.