A new study by the National Kitchen + Bath Association discovered that 10 million-plus households remodeled their kitchen in 2015, resulting in a $49 billion annual industry. The report, “U.S. Market Size Study: Kitchen Products,” found that average consumer spending in this market ranges from $1,024 for a simple replacement job to more than $19,000 for a total remodel.
Among the other findings:
—Less than one in five kitchen remodel/replacement jobs (19 percent) were total remodels, yet these accounted for nearly half (47 percent) of the total kitchen spending.
—Almost half of the funds spent (48 percent) on kitchen replacement/remodeling products are spent on cabinets and appliances.
—Big box stores such as The Home Depot and Lowe’s are visited by around two thirds of consumers who are remodeling, though most visit more than one type of store.
“The NKBA is dedicated to conducting research that ensures our members stay ahead of important trends and changes in the market,” says Bill Darcy, the organization’s CEO. “We recently hired a research manager, Tricia Zack, to oversee these efforts. These studies help our members understand what is happening today and what to expect in the near future.”
This study was run with Farnsworth Group, releasing detailed data on 17 major product categories in the kitchen sector, including types of kitchen products purchased by consumers and pros alike, the amount spent by each, product volumes by type of project, where items were purchased and other information.