Retail Observer

July 2021

The Retail Observer is an industry leading magazine for INDEPENDENT RETAILERS in Major Appliances, Consumer Electronics and Home Furnishings

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Page 41 of 67

RETAILOBSERVER.COM JULY 2021 42 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%

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