Kitchen & Bath Business January/February 2024 - 16
nkba note
January/February2024
2024 AND BEYOND
A
s we look ahead to 2024 and the back half
of the decade, there's some uncertainty,
but there's also a lot of opportunity.
Our 2024 forecast for remodel spending
is $67 billion, a modest 2% year-overyear
decline. For most homeowners with
outstanding mortgages below 5%, it is simply
more cost eff ective to remodel than to move.
Although these homeowners' appetite to remodel
is strong, many of these households are
deferring large projects or breaking them into
smaller phases because of a decline in excess
household savings, which have been eroded
by infl ation over the past 18 months; higher
fi nancing rates; and continued overall uncertainty
about the economy.
DIY spend is expected to grow by 2%, as many
of these consumers are expected to undertake
simpler patch-fi xes until they are ready to fund
larger remodels. High-income households seem
to be the exception, as many are expected to move
forward with their remodeling projects in 2024,
preferring to tap into savings rather than fi nancing
tied to prevailing high interest rates.
Th ere is a glimmer of light overall, however, as
the economy seems to be heading in the right direction.
Infl ation looks to be tracking downward,
and possible rate drops in the coming months
may bring home sales back to normal levels and
drive an increase in pent-up demand for kitchen
and bath remodels.
In fact, our recently released " 2024 Kitchen &
Bath Market Outlook " indicates that the kitchen
and bath industry is fundamentally strong with a
positive long-term outlook for remodels.
Th is is because of three key factors:
* Homeowners are still sitting on record levels
of home equity they can tap into once rates
stabilize, as projected.
* Remodeling projects deferred in early 2024
will fuel demand in the coming years.
* Th e number of homes in prime remodeling
16
/ JANUARY-FEBRUARY 2024
BILL DARCY
Global President & CEO
NKBA | KBIS
linkedin.com/in/billdarcyjr/
years will grow by 2.2 million by 2027, reaching a total of 24 million.
As our friend Todd Tomalak from Zonda said in his recent forecast for
2024: " Th e backdrop for remodel spending [from] 2025-2030 is excellent,
and kitchen and bath is poised to grow faster than the broader housing/
remodeling industry. "
Why? Because, as he noted, the housing confi guration has shifted in
the past 20 years, so there are 29% more baths today. Zonda's data suggests
the typical bath is remodeled at least once every 50 years, and kitchen and
bath remodel volume will need to grow by at least 21% from current levels
just to keep up.
So yes, we have some challenges in the near term of 2024, but overall we
are looking at a positive outlook in the coming years for the kitchen and
bath industry. And I, for one, will ensure that NKBA will be there to help
its members drive forward, remain strong and take advantage of what's
ahead - a bright future for all.
PHOTO CREDIT/ADBOE STOCK: BY PAKIN
http://www.linkedin.com/in/billdarcyjr/
Kitchen & Bath Business January/February 2024
Table of Contents for the Digital Edition of Kitchen & Bath Business January/February 2024
Kitchen & Bath Business January/February 2024 - Intro
Kitchen & Bath Business January/February 2024 - Cover1
Kitchen & Bath Business January/February 2024 - Cover2
Kitchen & Bath Business January/February 2024 - 1
Kitchen & Bath Business January/February 2024 - 2
Kitchen & Bath Business January/February 2024 - 3
Kitchen & Bath Business January/February 2024 - 4
Kitchen & Bath Business January/February 2024 - 5
Kitchen & Bath Business January/February 2024 - 6
Kitchen & Bath Business January/February 2024 - 7
Kitchen & Bath Business January/February 2024 - 8
Kitchen & Bath Business January/February 2024 - 9
Kitchen & Bath Business January/February 2024 - 10
Kitchen & Bath Business January/February 2024 - 11
Kitchen & Bath Business January/February 2024 - 12
Kitchen & Bath Business January/February 2024 - 13
Kitchen & Bath Business January/February 2024 - 14
Kitchen & Bath Business January/February 2024 - 15
Kitchen & Bath Business January/February 2024 - 16
Kitchen & Bath Business January/February 2024 - 17
Kitchen & Bath Business January/February 2024 - 18
Kitchen & Bath Business January/February 2024 - 19
Kitchen & Bath Business January/February 2024 - 20
Kitchen & Bath Business January/February 2024 - 21
Kitchen & Bath Business January/February 2024 - 22
Kitchen & Bath Business January/February 2024 - 23
Kitchen & Bath Business January/February 2024 - 24
Kitchen & Bath Business January/February 2024 - 25
Kitchen & Bath Business January/February 2024 - 26
Kitchen & Bath Business January/February 2024 - 27
Kitchen & Bath Business January/February 2024 - 28
Kitchen & Bath Business January/February 2024 - 29
Kitchen & Bath Business January/February 2024 - 30
Kitchen & Bath Business January/February 2024 - 31
Kitchen & Bath Business January/February 2024 - 32
Kitchen & Bath Business January/February 2024 - 33
Kitchen & Bath Business January/February 2024 - 34
Kitchen & Bath Business January/February 2024 - 35
Kitchen & Bath Business January/February 2024 - 36
Kitchen & Bath Business January/February 2024 - 37
Kitchen & Bath Business January/February 2024 - 38
Kitchen & Bath Business January/February 2024 - 39
Kitchen & Bath Business January/February 2024 - 40
Kitchen & Bath Business January/February 2024 - 41
Kitchen & Bath Business January/February 2024 - 42
Kitchen & Bath Business January/February 2024 - 43
Kitchen & Bath Business January/February 2024 - 44
Kitchen & Bath Business January/February 2024 - 45
Kitchen & Bath Business January/February 2024 - 46
Kitchen & Bath Business January/February 2024 - 47
Kitchen & Bath Business January/February 2024 - 48
Kitchen & Bath Business January/February 2024 - 49
Kitchen & Bath Business January/February 2024 - 50
Kitchen & Bath Business January/February 2024 - 51
Kitchen & Bath Business January/February 2024 - 52
Kitchen & Bath Business January/February 2024 - 53
Kitchen & Bath Business January/February 2024 - 54
Kitchen & Bath Business January/February 2024 - 55
Kitchen & Bath Business January/February 2024 - 56
Kitchen & Bath Business January/February 2024 - 57
Kitchen & Bath Business January/February 2024 - 58
Kitchen & Bath Business January/February 2024 - 59
Kitchen & Bath Business January/February 2024 - 60
Kitchen & Bath Business January/February 2024 - 61
Kitchen & Bath Business January/February 2024 - 62
Kitchen & Bath Business January/February 2024 - 63
Kitchen & Bath Business January/February 2024 - 64
Kitchen & Bath Business January/February 2024 - 65
Kitchen & Bath Business January/February 2024 - 66
Kitchen & Bath Business January/February 2024 - 67
Kitchen & Bath Business January/February 2024 - 68
Kitchen & Bath Business January/February 2024 - 69
Kitchen & Bath Business January/February 2024 - 70
Kitchen & Bath Business January/February 2024 - 71
Kitchen & Bath Business January/February 2024 - 72
Kitchen & Bath Business January/February 2024 - 73
Kitchen & Bath Business January/February 2024 - 74
Kitchen & Bath Business January/February 2024 - 75
Kitchen & Bath Business January/February 2024 - 76
Kitchen & Bath Business January/February 2024 - 77
Kitchen & Bath Business January/February 2024 - 78
Kitchen & Bath Business January/February 2024 - 79
Kitchen & Bath Business January/February 2024 - 80
Kitchen & Bath Business January/February 2024 - 81
Kitchen & Bath Business January/February 2024 - 82
Kitchen & Bath Business January/February 2024 - 83
Kitchen & Bath Business January/February 2024 - 84
Kitchen & Bath Business January/February 2024 - 85
Kitchen & Bath Business January/February 2024 - 86
Kitchen & Bath Business January/February 2024 - 87
Kitchen & Bath Business January/February 2024 - 88
Kitchen & Bath Business January/February 2024 - 89
Kitchen & Bath Business January/February 2024 - 90
Kitchen & Bath Business January/February 2024 - 91
Kitchen & Bath Business January/February 2024 - 92
Kitchen & Bath Business January/February 2024 - 93
Kitchen & Bath Business January/February 2024 - 94
Kitchen & Bath Business January/February 2024 - 95
Kitchen & Bath Business January/February 2024 - 96
Kitchen & Bath Business January/February 2024 - Cover3
Kitchen & Bath Business January/February 2024 - Cover4
https://www.nxtbook.com/emerald/kbb/20241112
https://www.nxtbook.com/emerald/kbb/20240910
https://www.nxtbook.com/emerald/kbb/20240708
https://www.nxtbook.com/emerald/kbb/mayjune_2024
https://www.nxtbook.com/emerald/kbb/marapr_2024
https://www.nxtbook.com/emerald/kbb/janfeb_2024_KBISDirectory
https://www.nxtbook.com/emerald/kbb/janfeb_2024
https://www.nxtbook.com/emerald/kbb/novdec_2023
https://www.nxtbook.com/emerald/kbb/septoct_2023
https://www.nxtbook.com/emerald/kbb/julyaugust_2023
https://www.nxtbook.com/emerald/kbb/mayjune_2023
https://www.nxtbook.com/emerald/kbb/kitchen-bath-business-march-april-2023
https://www.nxtbook.com/emerald/kbb/202301v2
https://www.nxtbook.com/emerald/kbb/202301
https://www.nxtbook.com/emerald/kbb/202211
https://www.nxtbook.com/emerald/kbb/202209
https://www.nxtbook.com/emerald/kbb/202207
https://www.nxtbook.com/emerald/kbb/202205
https://www.nxtbook.com/emerald/kbb/202203
https://www.nxtbook.com/emerald/kbb/202201
https://www.nxtbook.com/emerald/kbb/202201_v2
https://www.nxtbook.com/emerald/kbb/202111
https://www.nxtbook.com/emerald/kbb/202110
https://www.nxtbook.com/emerald/kbb/202109
https://www.nxtbook.com/emerald/kbb/202107
https://www.nxtbook.com/emerald/kbb/202105
https://www.nxtbook.com/emerald/kbb/202104
https://www.nxtbook.com/nxtbooks/kbb/202102
https://www.nxtbook.com/nxtbooks/kbb/202102_v2
https://www.nxtbook.com/nxtbooks/kbb/202101
https://www.nxtbook.com/nxtbooks/kbb/20201112
https://www.nxtbook.com/nxtbooks/kbb/202010
https://www.nxtbook.com/nxtbooks/kbb/202009
https://www.nxtbook.com/nxtbooks/kbb/20200708
https://www.nxtbook.com/nxtbooks/kbb/20200506
https://www.nxtbook.com/nxtbooks/kbb/202004
https://www.nxtbook.com/nxtbooks/kbb/20200203
https://www.nxtbook.com/nxtbooks/kbb/202001
https://www.nxtbook.com/nxtbooks/kbb/20191112
https://www.nxtbook.com/nxtbooks/kbb/201910
https://www.nxtbook.com/nxtbooks/kbb/201909
https://www.nxtbook.com/nxtbooks/kbb/20190708
https://www.nxtbook.com/nxtbooks/kbb/20190506
https://www.nxtbook.com/nxtbooks/kbb/201904
https://www.nxtbook.com/nxtbooks/kbb/20190203
https://www.nxtbook.com/nxtbooks/kbb/201901
https://www.nxtbook.com/nxtbooks/kbb/201811
https://www.nxtbook.com/nxtbooks/kbb/201810
https://www.nxtbook.com/nxtbooks/kbb/20180910
https://www.nxtbook.com/nxtbooks/kbb/20180708
https://www.nxtbook.com/nxtbooks/kbb/20180506
https://www.nxtbook.com/nxtbooks/kbb/201804
https://www.nxtbook.com/nxtbooks/kbb/20180203
https://www.nxtbook.com/nxtbooks/kbb/201801
https://www.nxtbook.com/nxtbooks/kbb/201711
https://www.nxtbook.com/nxtbooks/kbb/201710
https://www.nxtbook.com/nxtbooks/kbb/201709
https://www.nxtbook.com/nxtbooks/kbb/20170708
https://www.nxtbook.com/nxtbooks/kbb/20170506
https://www.nxtbook.com/nxtbooks/kbb/201704
https://www.nxtbook.com/nxtbooks/kbb/20170203
https://www.nxtbook.com/nxtbooks/kbb/201701
https://www.nxtbook.com/nxtbooks/kbb/20161112
https://www.nxtbook.com/nxtbooks/kbb/201610
https://www.nxtbook.com/nxtbooks/kbb/201609
https://www.nxtbook.com/nxtbooks/kbb/20160708
https://www.nxtbook.com/nxtbooks/kbb/20160506
https://www.nxtbook.com/nxtbooks/kbb/201604
https://www.nxtbook.com/nxtbooks/kbb/20160203
https://www.nxtbook.com/nxtbooks/kbb/201601
https://www.nxtbook.com/nxtbooks/kbb/20151112
https://www.nxtbook.com/nxtbooks/kbb/201510
https://www.nxtbook.com/nxtbooks/kbb/201509
https://www.nxtbook.com/nxtbooks/kbb/20150708
https://www.nxtbook.com/nxtbooks/kbb/20150506
https://www.nxtbook.com/nxtbooks/kbb/201504
https://www.nxtbook.com/nxtbooks/kbb/20150203
https://www.nxtbook.com/nxtbooks/kbb/201501
https://www.nxtbook.com/nxtbooks/kbb/20141112
https://www.nxtbook.com/nxtbooks/kbb/201410
https://www.nxtbook.com/nxtbooks/kbb/201409
https://www.nxtbook.com/nxtbooks/kbb/20140506
https://www.nxtbook.com/nxtbooks/kbb/201404
https://www.nxtbook.com/nxtbooks/kbb/201403
https://www.nxtbook.com/nxtbooks/kbb/201402
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201401
https://www.nxtbook.com/nxtbooks/nielsen/kbb_20131112
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201310
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201309
https://www.nxtbook.com/nxtbooks/nielsen/kbb_20130506
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201304
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201303
https://www.nxtbook.com/nxtbooks/nielsen/kbb_20130102
https://www.nxtbook.com/nxtbooks/nielsen/kbb_20121112
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201209
https://www.nxtbook.com/nxtbooks/nielsen/kbb_20120506
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201204
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201203
https://www.nxtbook.com/nxtbooks/nielsen/kbb_20120102
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201112
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201109
https://www.nxtbook.com/nxtbooks/nielsen/kbb_20110506
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201104
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201103
https://www.nxtbook.com/nxtbooks/nielsen/kbb_20110102
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201011
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201009
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201006
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201004
https://www.nxtbook.com/nxtbooks/nielsen/kbb_201003
https://www.nxtbook.com/nxtbooks/nielsen/kbb_20100102
https://www.nxtbook.com/nxtbooks/nielsen/kbb_20091112
https://www.nxtbook.com/nxtbooks/nielsen/kbb_200909
https://www.nxtbook.com/nxtbooks/nielsen/kbb_200910
https://www.nxtbook.com/nxtbooks/nielsen/kbb_200908
https://www.nxtbook.com/nxtbooks/nielsen/kbb_20090607
https://www.nxtbook.com/nxtbooks/nielsen/kbb_200905
https://www.nxtbook.com/nxtbooks/nielsen/kbb_200904
https://www.nxtbook.com/nxtbooks/nielsen/kbb_200903
https://www.nxtbook.com/nxtbooks/nielsen/kbb_200902
https://www.nxtbook.com/nxtbooks/nielsen/kbb_200901
https://www.nxtbook.com/nxtbooks/nielsen/kbb_200812
https://www.nxtbook.com/nxtbooks/nielsen/kbb_200811
https://www.nxtbook.com/nxtbooks/nielsen/kbb_200810
https://www.nxtbook.com/nxtbooks/nielsen/kbb_200809
https://www.nxtbook.com/nxtbooks/nielsen/kbb_200808
https://www.nxtbookmedia.com