Chicago – In the aftermath of a home improvement boom fueled largely by the COVID-19 pandemic, consumers faced inflationary pressures, persistently high interest rates and other economic headwinds, said Chicago-based advisor Sarkana. They say they are scaling back efforts to improve housing. About consumer behavior.
“Large home improvement projects are on hold as consumers watch their finances, (although) there are still opportunities for low-cost improvements,” said Joe Derochowski, housing industry advisor at Circana. There is a desire to do so.”
According to Circana, kitchen and bath purchases accounted for 13% of total U.S. home improvement retail spending in 2023, and while retail sales of kitchen and bath products grew 5% year over year, the Expenditures have decreased. That's because the industry's core consumer segment (homeowners ages 35 to 54) allocated their spending elsewhere, such as lawn and garden and hardware products.
“As the economy improves, there is pent-up demand that will provide opportunities for spending on large-scale home improvement projects over the next year,” Derochovsky said. “In the meantime, the kitchen and bath industry can leverage education on cost-effective approaches to encourage consumers to engage in remodeling activities that make their spaces feel more comfortable.”
