RETAILOBSERVER.COM JULY 2021
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A S S O C I A T I O N N E W S
T
he National Kitchen & Bath Association (NKBA) and John
Burns Real Estate Consulting (JBREC) today reported that
their Q1 2021 Kitchen & Bath Market Index (KBMI) has soared
to a rating of 79.8, its highest score since the inception of the index.
KBMI measures the current strength of the industry, expectations
and challenges facing four major sectors — design, manufacturing,
retail and building — with scores above 50 indicating expansion and
scores below 50 contraction. The current rating marks an increase
of 14.8 points from last quarter alone and a 38.8-point improvement
from this time last year.
Significantly, one in three designers noted that clients are now
requesting higher-priced products and finishes. And retailers are
experiencing the same customer shift. The trend is likely owing to
quick-fix, pandemic-driven DIY projects running their course and
being replaced by serious makeovers to accommodate new
lifestyles.
"We are encouraged to see the index reach a historic high, and
look forward to the continued industry growth as homeowners opt
for larger, more upscale remodels," said NKBA CEO Bill Darcy.
"As consumers experience more flexibility in their working
arrangements, there's an increased need for total reconfigurations
for their spaces," notes Todd Tomalak, Principal of JBREC. "And
KITCHEN & BATH MARKET
INDEX REACHES HISTORIC HIGH
AS PROJECTS SHIFT UPWARD IN PRICE
Sales growth expectations rise to 13.4%