The anticipation for the 60th anniversary celebration of the Kitchen & Bath Industry Show (KBIS) 2024 is heightened as the National Kitchen & Bath Association (NKBA) releases its latest "2024 Kitchen & Bath Market Outlook" report. This comprehensive document, a collaborative effort with John Burns Research and Consulting (JBREC), evaluates the current state of the kitchen and bath market in US dollars and provides insightful forecasts for the year 2024.

     According to the NKBA report, the 2024 kitchen and bath market is expected to reach a total revenue of $173 billion, reflecting a 3 percent decrease compared to the previous year. This projection is influenced by a variety of economic and housing market trends that impact both new construction and remodeling spending within the industry.

• New Construction and Remodeling Spending: The report forecasts a 4% decline in new construction kitchen and bath spending and a 2% decline in remodeling spending for the year 2024.
• Housing Market Dynamics: The supply of existing homes for sale has increased but remains below the threshold for a "balanced" market. This undersupply is expected to persist until mortgage rates reach approximately 5%.
• New Home Prices: Due to robust demand for new homes, new home prices are projected to rise by 1% in 2024 and an additional 3% in 2025.
• Market Share Dynamics: Large homebuilders are gaining market share, while smaller builders face challenges with interest rates ranging from 11-15% on land and construction financing.
• Affordability Challenges: To address affordability issues, homebuilders are offering more quick-move-in (QMI) homes with limited customization options. This trend is anticipated to drive homeowners seeking personalized upgrades to remodel sooner.

     As the industry navigates through these market dynamics, KBIS 2024 emerges as a critical platform for professionals, designers, and innovators to explore solutions, strategies, and products that align with the evolving landscape. KBIS continues to be the go-to event for staying informed about the latest trends, connecting with industry leaders, and gaining insights into the future of kitchen and bath design. With the 2024 market outlook in mind, KBIS serves as an invaluable resource for professionals seeking to adapt and thrive in a dynamic market.

     For more information, please visit KBIS.