Kitchen & Bath Design News

APR 2019

Kitchen & Bath Design News is the industry's leading business, design and product resource for the kitchen and bath trade.

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Page 16 of 68

KBDN Seminar Series to Open in Atlanta EVANSTON, IL — Atlanta will be the site this month for the 2019 kickoff of the exclusive series of in-depth seminars to be presented by Kitchen & Bath Design News in key U.S. markets this year. The first program in KBDN's six-city seminar series – "Inspiring Clients: The Very Latest Design, Product and Marketing Trends" – will take place April 11 in Atlanta. Additional seminars are scheduled for the following months and markets, with hotel locations and corporate sponsors to be announced: • May 16, Boston; • June, Denver; • Sept. 19, Minneapolis; • Oct. 24, Chicago; • Nov. 14, Washington, DC. Aimed at kitchen and bath design professionals seeking to sharpen their design and product trend knowledge, KBDN's seminar series will offer winning combinations of concepts, colors, textures, lighting and more to best fit the needs of today's most discerning clients. In addition, attendees will also be exposed to deeper explorations of emerging marketing technologies – from making the most of websites to exploring new ways to create video to fully utilizing social media/online design platforms. The design and product trends segments of the seminars will once again be pre- sented by Richard Anuszkiewicz, an award-winning designer. Also returning to the seminar series will be KBDN business and technology columnist Eric Schimelpfenig, whose portion of the program will focus on how best to make the most of the latest marketing tools, particularly involving video, social media and website content. Attendees will have the opportunity to earn CEU credits from the National Kitchen & Bath Association (NKBA) and the National Association of the Remod- eling Industry (NARI). Information about attendance and corporate sponsorships will be announced shortly, or can be obtained by visiting or contacting Paul DeGrandis at Kitchen/Bath Market Pegged at $170+Billion HACKETTSTOWN, NJ — The residential kitchen and bath market in the U.S. is projected to grow 4.1%, from an estimated $170 billion in 2018 to $177 billion by year's end, according to projections compiled by the National Kitchen & Bath Association. The NKBA, which estimated that the residential kitchen and bath market in- creased 7.6% in 2018, issued its projections at February's Kitchen & Bath Industry Show (KBIS) in Las Vegas (see related Barometers, Page 10). For the past several years, the Hackettstown, NJ-based trade association has conducted a comprehensive research initiative defining the size and scope of the kitchen and bath market, estimating product usage and market size for new (sin- gle- and multi-family) housing and remodeling, as well as by multiple kitchen and bathroom product categories. According to the NKBA, its latest projections are based on 775 surveys that were conducted among builders, remodelers and general contractors, soliciting information on their business activities and growth. A total of 550 surveys were also conducted with consumers who had completed a kitchen or bathroom remodeling project in the past 12 months. Housing and remodeling projections were calibrated using data from a variety of sources, including the U.S. Census Dept., the National Association of Home Builders and the Joint Center for Housing Studies at Harvard University, the NKBA said. At $158 billion (for materials only, excluding design and labor costs), the U.S. residential kitchen and bath market represents one-quarter of the entire U.S. resi- dential construction market, which the NKBA pegged at $644 billion – $330 billion from the construction of new homes and $314 billion from residential remodel- ing-and-replacement projects. Overall spending for kitchen and bathroom products is virtually even, with each category garnering about 50% of the market – $80 billion for kitchen products and $78 billion for bath products, according to the NKBA. Of the $158 billion total, $99 billion (63%) is generated by remodeling-and-replacement projects in existing homes and the remaining $59 billion (37%) derives from new home construction, the NKBA said. 'Consumer Regret' Focus of KBDN Breakfast LAS VEGAS — Kitchen and bath product manufacturers, working in conjunction with their design and retail partners, can take a series of concrete steps to minimize the home- owner regret and under-spending that often results from major remodeling projects. That was the message conveyed to approximately 100 manufacturing executives who gathered in Las Vegas for Kitchen & Bath Design News' fifth annual "Insights" breakfast. The event – entitled "The Regret Factor: Overcoming Under-spending in Kitchen and Bath Remodeling" – was staged during February's Kitchen & Bath Industry Show (KBIS) under the co-sponsorship of KBDN and its exclusive research partners, the Research Institute for Cooking & Kitchen Intelligence (RICKI) and Wray Ward, a Charlotte, NC-based marketing communications firm serving leading brands in the residential design and construction market. The insights that were presented were culled from a recent multi-part study con- ducted by RICKI among kitchen/bath design professionals, as well as homeowners who undertook major home-remodeling projects. The study found that some 44% of surveyed homeowners who remodeled their kitchen or bath in the past year would have spent more money if they had to do the project over. According to RICKI's findings, regret most often occurs because remodeling spending was unrealistically low; homeowners experienced "choice overload" (in other words, having too many options from which to choose); homeowners settled for less-expensive products they later wish they'd upgraded, and homeowners were unaware of product costs in advance. "Many homeowners simply underestimate the cost of home remodeling projects," observed Brenda Bryan, executive director of the Houston, TX-based RICKI. "Kitchen remodels, more than any other single renovation project, reflect the greatest variance from what was anticipated," she added. Bryan reported that the top product kitchen/bath spending regrets involve cabinetry (62%), countertops (36%), lighting (29%), flooring (27%), refrigerators (21%), faucets (19%), dishwashers (15%) and tub/shower (12%). The top three design elements that consumers wish they'd spent more money on were making the kitchen larger (20%), adding organizational features (18%) and reconfiguring the space (18%). According to Leslie Gillock, director of insights for Wray Ward, simplifying the re- modeling process would go a long way toward helping to minimize homeowner regret. Gillock suggested the following ways manufacturers and designers can work together: • Listen: Closely listen to homeowners – for example, their frustrations with their current space, how they live in their home, their budget and their product and design priorities; • Prioritize: Insight culled from listening will allow homeowners to prioritize, de- cide what they are willing to do without and understand how their decisions will impact the project; • Reduce: Based on these insights, provide homeowners with a small set of thoughtfully curated options based on their needs and priorities, to help make the decision-making process simpler and less overwhelming; • Solve: "It's easy for homeowners to get lost in a sea of ever-increasing 'features,'" Gillock said. "Focus instead on how to enable the homeowner to achieve a high-pri- ority desire. Don't assume the homeowner can easily draw the line between feature and benefit. • Build confidence: "Fear of making the wrong decision can lead renovators to make no decision at all," Gillock noted. "Helping to build confidence along the way can help your clients reach a satisfying decision." Manufacturing executives took note of study results at the recent KBDN breakfast. 16 Kitchen & Bath Design News • April 2019 INDUSTRY UPDATE NOTEWORTHY DEVELOPMENTS IMPACTING THE KITCHEN AND BATH MARKET

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