NKBA Study Finds Millennials Outspend Others on K&B Remodels
Millennials outspend other age groups when remodeling their kitchens and bathrooms, according to new research from the National Kitchen & Bath Association (NKBA). The research found that millennials spend an average of 17.7 percent more than the $19,155 typically invested in a kitchen remodel, and 42.3 percent more than the $11,364 normally allocated to remodel a bathroom.
The NKBA research study, "Understanding Millennial Kitchen & Bath Consumers," compares the behavior and attitudes of those ages 18-37 to other generations when planning kitchen and bath remodeling projects. The study, conducted by The Farnsworth Group, also found that more than half of the millennial generation has purchased a home in the last five years.
The Executive Summary of the study is available to NKBA members free of charge, as is a brief SlideShare presentation you can find here.
The complete study can also be purchased at nkba.org/research.
Other findings include:
When purchasing kitchen and bathroom products, younger generations value Internet searches and information from friends and family members more than other age groups.
Customer reviews are more important to millennials when selecting kitchen products compared to other age brackets. In the bathroom, the cost of a product is paramount for millennial buyers when compared to other generational groups.
"Our market research helps our members stay ahead of important trends and changes in the $31 billion kitchens and bath marketplace," said NKBA CEO Bill Darcy. "Our market intelligence and research studies interpret current trends, and predict what we can expect in the near future."