Kitchen & Bath Design News

MAR 2015

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

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10 | Kitchen & Bath Design News | March 2015 Consumer Buying Trends { Demographics & buying patterns for the home } LAS VEGAS — As Millennials begin to enter the home-buying market in growing numbers, new homes will get a smaller, laundry rooms will be essential and home technology – in- cluding "social kitchens" that incorporate a range of digital functions – will become increasingly prevalent. That was the unanimous viewpoint of panelists during a press conference addressing current and emerging home trends, conducted during last month's International Builders' Show (IBS). IBS took place concurrently with the 2015 Kitchen & Bath Industry Show (KBIS) as part of "Design & Construc- tion Week," which attracted approximately 125,000 housing industry professionals to Las Vegas, organizers said. According to Rose Quint, assistant v.p./research for IBS sponsor the National Association of Home Builders, the grow- ing number of frst-time buyers entering the housing market will drive down home size in 2015 and subsequent years. Three million new jobs were created in 2014, 700,000 more than the previous year "and the most since 1999," Quint pointed out. At the same time, fnancial regulators have re- duced down payment requirements for frst-time buyers from 5% to 3%, while home prices have seen only moderate growth, Quint said. "All of this leads me to believe that more people will come into the market – and as younger, frst-time buyers, they will demand smaller, more afordable homes," Quint said. "Builders will build whatever demand calls out for." Quint also unveiled the results of two surveys: one asking home builders what features they are most likely to include in a typical new home, and one asking Millennials what features are most likely to afect their home-buying decisions. Of the Top 10 features mentioned by home builders, four have to do with energy efciency: Low-E windows, Energy Star- rated appliances and windows, and programmable thermostats. The top features: a master bedroom walk-in closet and a sepa- rate laundry room. In contrast, least likely features include high-end outdoor kitchens with plumbing and appliances, and two-story foyers and family rooms. When the NAHB asked Millennials what features fll their "most-wanted" shopping list, a separate laundry room clearly topped the list, with 55% responding that they just wouldn't buy a new home that didn't have one. Storage is also important, with linen closets, a walk-in pantry and garage storage being prominently mentioned. In fact, this group is willing to pay 2-3% more for energy efciency, as long as they can see a return on their power bills. A whopping 75% of this generation wants to live in single- family homes, and 66% of them prefer to live in the suburbs. Only 10% say they want to stay in the central city. Compared to older generations, millennials are more likely to want to live downtown, but it's still a small minority share, Quint said. Panelist Jill Waage, editorial director for home content at Better Homes and Gardens , discussed Millennials' emphasis on the importance of outdoor living and that generation's seamless use of technology, and how those two trends play into their home-buying and home- renovation decisions. Because they generally don't have as much ready cash – or free time – as older homeowners, Millennials seek less expensive, low-maintenance choices like a brightly painted front door, strings of garden lights, and landscaping that needs less watering and mowing, like succulent plants and larger patios. They're also very comfortable with their smart phones and tablets, and in- creasingly seek ways to control their heating and air-conditioning and secu- rity and lighting, as well as electronics like televisions and sound systems from their phones. "They want to use their brains for other things, not for remembering whether they adjusted the heat or closed the garage door," Waage said. In a separate but related develop- ment, a newly released report from Consumer Reports concluded that kitch- ens will increasingly be built for digital networks, as well as cooking and entertaining. A survey conducted by Consumer Reports asked more than 1,000 Americans what activities they undertake in the kitchen at least once in a typical week, and found that uses for the kitchen go well beyond meal prep. Nearly half of those sur- veyed said they entertain regularly in the kitchen, 58% go online there (for example, to use FaceTime and or to access recipe downloads), and 61% use the space to do homework/ paperwork. "For many people, the kitchen is where their electronic de- vices live," said Consumer Reports , noting that a growing design trend is fnding charging stations being tucked into a cabinet or drawer that's ftted with docks and electrical outlets. Homes Seen Shrinking, Evolving With Uptick in Millennial Buyers A laundry room, such as the one above designed by Theresa M. Sterbis, AKBD, of Project Partners Design in Fremont, CA, tops the wish list for Millennials. Photo: Theresa M. Sterbis SALES GROUP SALES DIRECTOR AND MIDWEST MANAGER Paul DeGrandis 724 12th St., Suite 1W Wilmette, IL 60091 (847) 920-9510 EAST/SOUTHEAST Joanne Naylor 540 Lee Court Wyckoff, NJ 07481 (201) 891-9170; Fax: (201) 839-9161 Vaughn Rockhold 724 12th St., Suite 1W Wilmette, IL 60091 (216) 272-1008 WEST/SOUTHWEST Reed Fry 724 12th St., Suite 1W Wilmette, IL 60091 (949) 223-1088 PRODUCT & LITERATURE SHOWCASE/CLASSIFIED ADS Nancy Campoli 558 Prospect Avenue River Vale, NJ 07675 (201) 690-6898 EDITORIAL Janice Anne Costa, Editor (516) 605-1426 Anita Shaw, Managing Editor (631) 581-2029 Andrea Girolamo, Senior Editor (516) 398-9806 PUBLISHING SOLA Group, Inc. 724 12th St., Suite 1W Wilmette, IL 60091 (847) 920-9510 Paul DeGrandis, Publisher Eliot Sefrin, Publisher Emeritus SUBSCRIPTIONS Kitchen & Bath Design News Circulation Dept. P.O. Box 3007 Northbrook, IL 60065-3007 (866) 932-5904 MAILING LIST RENTAL Elizabeth Jackson (847) 492-1350 ext. 18 ®

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