Millennials outspend other age groups when remodeling their kitchens and bathrooms, according to new research from the National Kitchen & Bath Association (NKBA). The research found that millennials spend an average of 17.7 percent more than the $19,155 typically invested in a kitchen remodel, and 42.3 percent more than the $11,364 normally allocated to remodel a bathroom.
The study “Understanding Millennial Kitchen & Bath Consumers” analyzed and compared the behavior and attitudes of millennials - peopled aged roughly 18-37 - to other generations in regards to planning kitchen and bath remodeling projects. In addition to finding a higher spending, the study found that more than half of all millennials have purchased a home in the last five years.
Other findings include:
- When purchasing kitchen and bathroom products, younger generations value web searches and information from friends and family members more than other age groups.
- Customer reviews are more important to millennials when selecting kitchen products compared to other age brackets. In the bathroom, the cost of a product is paramount for millennial buyers when compared to other generational groups.
“Our market research helps our members stay ahead of important trends and changes in the $31 billion kitchen and bath marketplace,” said NKBA CEO Bill Darcy. “Our market intelligence and research studies interpret current trends, and predict what we can expect in the near future.”
Have something to say? Share your thoughts with us in the comments below.