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The National Kitchen & Bath Association (NKBA), a world-leading association for the kitchen and bath industry, has released its midyear 2022 Kitchen & Bath Market Outlook. While both inflation and mortgage rate increases have impacted the segment, the overall annual forecast still represents a double-digit increase over 2021.
“This new Market Outlook report provides revised market size estimates and 2022 forecasts in the Kitchen and Bath Industry, as well as gauges the economic and housing market shifts that continue to impact our market,” said Bill Darcy, CEO of the National Kitchen & Bath Association (NKBA). “Despite some economic headwinds, kitchen and bath remodeling demand remains strong. Residential kitchen and bath spending is anticipated to grow by 16% to $189 billion in 2022.”
NKBA’s 2022 Kitchen and Bath Market Outlook Midyear Report top takeaways include the following:
“We anticipate moderate declines in kitchen and bath spending in the event of a recession next year,” Darcy said. “Our view is informed by improved housing and consumer fundamentals and a likely less severe recession, relative to recent history if one were to occur.”
To learn more about the key findings and to access the full 2022 Kitchen & Bath Market Outlook: July Update, contact Brittany Loeffler at email@example.com.