Economic Picture Bright for K&B Dealers, Designers: NKBA Report
The economic landscape for kitchen and bath dealers and designers continues to brighten, according to the National Kitchen & Bath Association’s State of the Industry Report for 2015, which based its findings on research culled from interviews with 640 kitchen and bath professionals.
Conducted by the Research Institute for Kitchen & Cooking Intelligence (RICKI) in conjunction with Kitchen & Bath Design News, the survey which served as a basis for the report looked at the economic landscape for kitchen and bath dealers and designers, key growth areas in terms of products and market segments, how showrooms are evolving, critical issues facing today’s kitchen and bath professionals, important marketing tools and more.
On of the key findings centered around the improving economic picture: Some 60% of those polled saw increased revenue in the past 12 months, with average increases of 13.5%, while 69% expect to see revenue growth in the coming 12 months.
The largest growth categories were reported in the areas of storage/organizational features, lighting and countertops. The survey also showed the strongest market segment growth among Baby Boomers, Generation X and clients with higher household incomes.
Average price points reported for kitchens and baths among those surveyed were $36,400 and $18,400 respectively.
Clients’ unrealistic cost expectations were cited as the greatest business challenge by design professionals polled, while referrals were seen as the most effective marketing tool.
Details of the survey will be published in the May issue of Kitchen & Bath Design News.