North America’s Largest Woodworking Event | Tuesday–Friday | August 6–9, 2024

#IWFmorefor24

Industry & Trends

Kitchen and Bath Project Spending Still Above Pre-Covid Levels

BACK TO NEWS

September 20, 2023 | Warren Shoulberg

Residential spending on kitchen and bath remodeling may never return to the heights of the pandemic spending frenzy but it is still topping the numbers from 2019.

Not surprisingly, homeowners aren’t spending as much on their kitchen and bath remodeling projects this year as they did in 2022 but new numbers from the National Kitchen & Bath Association say the business is still beating the pre-pandemic levels. 

Even more encouraging is that the association says the long-term forecast “remains strong, primarily because of an additional 2.2 million homes entering their prime remodeling period in the next five years.” Other factors that indicate better business ahead are the high levels of equity homeowners have built up in the tight housing market and the fact that some remodeling projects are being deferred now due to economic conditions.

For 2023, spending is forecast to decline 5% to $179 billion from the all-time record high of last year. This breaks down to $111 billion going for new construction kitchen and bath spending and $68 billion for existing home repair and remodeling spending. 

“The projected repair-and-remodeling decline is due in large part to high inflation, which continues to erode excess household savings, the primary driver of repair-and-remodeling spending during the pandemic,” the NKBA said. “Higher interest rates have also made it less appealing to tap into home equity. The one bright spot is that higher-income households are less rate-sensitive and continue investing in luxury kitchen and bath remodels.”

BACK TO NEWS

More Industry & Trend News

  • Renovate Rather than Buy: American Homeowners

    May 22, 2024

  • New Energy Star NextGen Program Debuts

    May 22, 2024

  • Saving One Trillion Trees Isn’t as Easy as It Sounds

    May 22, 2024

Register to Attend

Be part of North America’s largest woodworking show and conference.

Register Now

Apply to Exhibit

Grow your business at the premier global woodworking trade show.

Exhibit at IWF 2024

Show Hours & Location

International Woodworking Fair
Tuesday–Friday
August 6–9, 2024

Tuesday–Thursday
8:30 AM–5:00 PM*
Friday
8:30 AM–2:00 PM*

*Building A opens 7:30 AM Tue-Fri

Georgia World Congress Center
285 Andrew Young International Blvd
Atlanta, GA 30313

Get Industry News & IWF Updates

Subscribe to IWF Network News.

Subscribe Now

Terms & Privacy Policy

© 2020 International Woodworking Fair, LLC Terms of Use & Privacy Policy

3520 Piedmont Rd NE #350, Atlanta GA 30305 | (404) 693-8333

 

Have questions about IWF? Check out our new AI chatbot and get info fast!

To get started, set your chat preference. Then click on the chat bar that appears in the lower right corner. Are you an Attendee or an Exhibitor?

Attendee Exhibitor

No Thanks

IWF 2024 Add to Calendar

Sync IWF 2024 with your favorite calendar program.

Notification Message

loading … please wait

Have Questions?

First let’s set your chat preference. Then, just click on the chat bar that appears. Are you an Attendee or an Exhibitor?

Attendee Exhibitor