Kitchen and Bath Marketing Outlook Shows Remodeling Will Sustain the Industry in 2023
BETHLEHEM, PA -- The National Kitchen & Bath Association – the world's leading non-profit trade association for the kitchen and bath industry providing tools, research, certification and events for over 50,000 members – has released their baseline Kitchen & Bath Market Outlook Report for 2023. The report indicates that the year ahead will be a challenging time for both residential construction and the kitchen and bath industry. Inflation and mortgage rate increases have effectively reversed the momentum the industry enjoyed in 2020 and 2021.
NKBA estimates that K&B spending will total $162.4 billion in 2023, a year-over-year decline of 14%. Although this estimate is down from the record highs of 2022, it’s still strong relative to pre-pandemic levels. K&B spending in new homes is expected to decline 17%, while remodeling spending is expected to fare better, falling 10%.