RETAILOBSERVER.COM APRIL 2022
38
T
he National Kitchen & Bath Association (NKBA) – the world's
leading non-profit trade association for the kitchen and bath
industry providing tools, research, certification and events to
thousands of professionals – has released its final Kitchen & Bath
Market Index (KBMI) for 2021. The quarterly report, which is aimed at
measuring the health of the kitchen and bath industry, found that the
industry ended the year on a positive note.
"We're extremely encouraged by these results, as they confirm
that the industry remains optimistic about its future – with the sector
remaining nimble and creative in order to continue to be successful
in the face of continuing challenges," said Bill Darcy, chief executive
officer, NKBA. "While we're keeping our eye on a few things such as
ongoing supply chain issues and pricing inflation, the fundamentals
for the industry remain strong, including continued consumer
demand with strong home values and equity levels."
The remodeling industry has been the beneficiary of a seller's
home market, with homeowners leveraging their home's market value
to renovate spaces within their home to both increase value as well
as live-ability and flexibility. In Q4, all kitchen and bath segments
reported double-digit sales growth YOY, as well as a solid quarter-
over-quarter performance with an increase of 8.1% in total spending.
While challenges persist, some of these may be helping the industry
see long-term growth by spreading out projects into 2022. For
example, the report found that 58% of designer respondents
reported backlogs of over 3+ months, with a further 23%
experiencing a backup of more than 6+ months. This has helped
lead industry professionals to project 13.1% annual growth in 2022.
However, while there is a silver lining, the issues from 2021
continue to persist in the background. Once again, industry members
rated supply chain disruption, material costs, labor availability and
A S S O C I A T I O N N E W S
NATIONAL KITCHEN & BATH ASSOCIATION REPORTS
INDUSTRY FINISHED 2021 ON A STRONG
NOTE DESPITE ONGOING CHALLENGES
Cost inflation, longer lead times and labor/material
shortages continued to be flags for the industry
