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NKBA: Predicts 19% Growth in 2022 Kitchen & Bath Market
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The 2022 Kitchen & Bath Market Outlook has been released by the National Kitchen and Bath Association (NKBA), a non-profit trade association for the kitchen and bath industry.
According to the report’s summary:
- Full-year industry revenues are expected to reach a record $199 billion, representing a 19% increase for the second year in a row.
- Rising costs will drive some homeowners to do-it-yourself projects, but professionals will be involved in 85 percent of remodels.
- Mid-priced projects will outperform low-priced projects, with annual growth of more than 25%, exceeding the expected 21 percent. Higher-end projects are likely to slow down from their blistering pace.
- Due to K&B’s complex supply chain and a record number of people leaving the workforce, product shortages and labor issues aren’t going away anytime soon.
