The 2008 Kitchen/Bath Industry Outlook (K/BIO), published by the National Kitchen & Bath Association, in Hackettstown, N.J., has identified 10 factors that will continue to drive K&B remodeling throughout the country this year and beyond:
- Remodeling a kitchen or bath becomes a high priority for homeowners looking to sell an existing home.
- Homeowners not interested in selling will remodel the heart of the home to shore up sagging real estate value, and to make their home more livable as circumstances change.
- Lenders who have foreclosed on homes will have to enhance kitchens and baths to make them attractive to potential buyers or to repair damage from former occupants.
- Baby boomers are aging and caring for aging parents. They need to remodel to make kitchens and baths usable for individuals with limited mobility.
- “Cocooning” continues to be popular, with consumers spending leisure time at home. The kitchen has become the family room where members socialize, while the bath provides spa-like amenities. Economic uncertainty will intensify the impulse to cocoon.
- The number of households with two earners continues to grow, so bathrooms must accommodate two adults.
- As the number of adults who cook as a hobby continues to grow, kitchen remodels must accommodate more ambitious cooks.
- Media attention on kitchens and baths continues to increase, with TV programs, Web sites, magazines, and books providing consumers with more choices in products, materials, and styling.
- Nearly 18% of all U.S. homes were built between 1970 and 1979, and another 16% between 1980 and 1989. Many of these houses have yet to be remodeled.
- Electricity and water will become more expensive during the coming years, driving the need for more efficient fixtures and appliances.
For a free executive summary of the K/BIO or to order the report, visit www.nkba.org/industry_research.aspx.