Kitchen, Bath Industry Has Strong First Quarter

The kitchen and bath industry had a successful operating quarter for the first three months of 2022, growing 12.6 per cent compared to the first quarter of 2021, says the ‘Kitchen & Bath Market Index’ (KBMI) by the National Kitchen & Bath Association (NKBA). The index show that industry professionals expect further growth as the year continues. While price points have continued to rise, demand for remodeling projects has stayed strong, enabling the industry to continue to grow, says the KBMI. All kitchen and bath industry segments had high single-digit sales growth year-over-year except for manufacturers, who reported double-digit sales growth of 10.3 per cent. Not only were sales numbers up compared to 2021, but quarter-over-quarter sales accelerated for all segments of the industry. However, as the ongoing worldwide material shortage continues, kitchen and bath industry professionals report serious delays to their projects. Forty-three per cent of building and construction firms’ projects were behind schedule in the first quarter. Firms have tried to get out ahead of projects by pre-ordering as often as they can, however, industry-wide back orders and shipping delays prevent them from maintaining timelines. Additionally, luxury products once again are the most popular category for consumers. But these products also come with the longest wait times. An increasing number of industry professionals (55 per cent) report differing lead times across luxury, mass market, and entry-level products/materials. Seventy-nine per cent of those indicating a difference say lead times for luxury products/materials are the longest.