Kitchen/Bath Market Pegged at $170+Billion
HACKETTSTOWN, NJ — The residential kitchen and bath market in the U.S. is projected to grow 4.1%, from an estimated $170 billion in 2018 to $177 billion by year’s end, according to projections compiled by the National Kitchen & Bath Association.
The NKBA, which estimated that the residential kitchen and bath market increased 7.6% in 2018, issued its projections at February’s Kitchen & Bath Industry Show (KBIS) in Las Vegas.
For the past several years, the Hackettstown, NJ-based trade association has conducted a comprehensive research initiative defining the size and scope of the kitchen and bath market, estimating product usage and market size for new (single- and multi-family) housing and remodeling, as well as by multiple kitchen and bathroom product categories.
According to the NKBA, its latest projections are based on 775 surveys that were conducted among builders, remodelers and general contractors, soliciting information on their business activities and growth. A total of 550 surveys were also conducted with consumers who had completed a kitchen or bathroom remodeling project in the past 12 months. Housing and remodeling projections were calibrated using data from a variety of sources, including the U.S. Census Dept., the National Association of Home Builders and the Joint Center for Housing Studies at Harvard University, the NKBA said.
At $158 billion (for materials only, excluding design and labor costs), the U.S. residential kitchen and bath market represents one-quarter of the entire U.S. residential construction market, which the NKBA pegged at $644 billion – $330 billion from the construction of new homes and $314 billion from residential remodeling-and-replacement projects.
Overall spending for kitchen and bathroom products is virtually even, with each category garnering about 50% of the market – $80 billion for kitchen products and $78 billion for bath products, according to the NKBA. Of the $158 billion total, $99 billion (63%) is generated by remodeling-and-replacement projects in existing homes and the remaining $59 billion (37%) derives from new home construction, the NKBA said.