Views: 20 Author: Site Editor Publish Time: 2021-02-10 Origin: Site
In 2021 the U.S. kitchen and bathroom market is expected to reach $158.6 billion.
The United States is the world's largest importer of kitchen and bathroom products. For exporters of kitchen and bathroom products, the US market is very important. In January 2021, the National Kitchen and Bath Association (NKBA) released the "2021 Market Outlook Report". The report shows that the U.S. kitchen and bathroom industry will continue to grow, and the overall expenditure on kitchen and bathroom projects will increase in the coming year.
The industry predicts that after the overall decline of 5.9% in the U.S. kitchen and bathroom industry in 2020, it will reach 158.6 billion U.S. dollars in 2021, an increase of 16.6%, and an increase of 9% in 2018 and 1% in 2019. At the same time, it is expected that the growth of new houses will exceed 22%, while the renovation project will increase by 10%. High-end and mid-range projects are expected to lead, both of which are expected to increase by 20% than last year.
U. S. homeowners believe that the kitchen and bathroom area are twice as important as other spaces in the house. During the COVID-19 pandemic, the role of the kitchen is particularly prominent. 70% of homeowners believe that the kitchen is extremely important, compared to the previous proportion 64%.
With people's renewed attention to these family areas, the industry expects that large-scale interior renovation projects, including kitchen renovations, will usher in a new round of changes. This year may see a shift from the DIY in 2020 to the need for professional installers for kitchens and bathrooms. Many of these projects were delayed during the pandemic due to the risk of installation personnel carrying virus.
The report pointed out some motivations and inspirations to continue to promote the renovation project:
Although large-scale and more professional projects are planned to increase this year, saving money (attention 25%), project execution in leisure time (attention 23%), and health and safety issues (22%) are the main reasons for the increase in DIY.
Residents said that improving the aesthetics of the house was the main motivation for renovating the bathroom (16%) and kitchen (15%), followed by maximizing the quality and durability, and increasing the value of the house.
Houseowners pursuing cost-effectiveness and maximizing the use of existing budgets focus on renewing cabinets (52% of projects), plumbing (43% of projects), smart home products (57% of projects), and water purification systems (54% of projects) .
Family income and family member structure both affect the cost of kitchen renovation. "Mature families", that is, families with members over 45 years old and no children, have the highest percentage of upgrades to advanced functions in the kitchen.
Google search and social media are the main sources of inspiration for kitchen and bathroom renovations. Most owners stated that they rely on more than one source for inspiration. Young single homeowners or couples tend to rely more on Google and Instagram, while adults over 45 prefer to know what the other families did.
Economic factors that may affect renovation activities include:
1. A 10% increase in the operating rate of single-family housing in 2020 will drive a 17% increase in new residential building materials in 2021.
2. Of the total expenditure on residential kitchens and bathrooms, new houses accounted for 57%, reaching US$90 billion; residential renovations accounted for 43%, reaching US$68.6 billion.
3. Mortgage interest rates, which are about 1% lower than 2020, will continue to drive the home buying boom.
4. As the US houses for sale hit a record low, the price of stock houses will usher in price increase, which will indirectly promote house renovation rather than purchase of new houses.
5. The research report predicts that, driven by supply shortage and potential demand, total house prices will appreciate by about 31% between 2020 and 2023.