Millennials Outspend Others on Kitchen and Bath Remodels
According to a new study by the National Kitchen & Bath Association (NKBA), Millennials are investing 42 percent more when remodeling their bathrooms and spend 17 percent more in their kitchens compared to other age groups. Those numbers are based on the average expense of a bathroom remodel ($11,364) and kitchen renovation ($19,155).
The NKBA research study Understanding Millennial Kitchen & Bath Consumers compares the behavior and attitudes of homeowners 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 50 percent of the Millennial generation has purchased a home in the last five years.
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 group.
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 more crucial to 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 kitchen and bath marketplace,” says NKBA CEO Bill Darcy. “Our market intelligence and research studies interpret current trends, and predict what we can expect in the near future.”