In a recent episode of The New Home Insights podcast, Bill Darcy, CEO of the National Kitchen and Bath Association (NKBA), shared insights on the kitchen and bath market, which was valued at $179 billion in 2023. While a slight dip to $173 billion is expected this year due to inflation and labor challenges, the industry remains optimistic. The NKBA’s Kitchen and Bath Market Index (KBMI) indicates a future expansion sentiment despite a recent dip, with the index at 56 for Q1 and 54 for Q2, reflecting cautious optimism among industry professionals. Key factors driving remodeling activity include high mortgage rates, strong home equity, and a significant wealth transfer from boomers to millennials.
Darcy also highlighted emerging trends shaping the future of kitchen and bath design. Minimalism, particularly influenced by European styles, is on the rise, with contemporary cabinetry and smart technology in fixtures gaining popularity. Homeowners are increasingly integrating indoor and outdoor spaces, with kitchens serving as central hubs for socializing and cooking. Predictions for the next few years include a shift towards bolder color palettes, tech-heavy bathrooms, and a focus on healthy cooking environments, signaling exciting changes for professionals in the remodeling and contracting industries.
