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.”