Qualified Remodeler Magazine

AUG 2016

Qualified Remodeler helps independent remodeling firms to survive, become more professional and more profitable by providing must-have business information, namely best business practices, new product information and timely design ideas.

Issue link: https://qualifiedremodeler.epubxp.com/i/715119

Contents of this Issue


Page 16 of 99

intellectual property (IP) rights of others, including those of Huber. Georgia-Pacific disagrees with Huber's allegations, and intends to vigorously defend itself in this matter." NKBA Study: Millennials outspend others on kitchen and bath remodels Millennials outspend other age groups when remodeling their kitchens and bath- rooms, according to new research from the National Kitchen & Bath Association (NKBA). The research, which includes respondents ranging in age from 18 to 68+, 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. "Understanding Millennial Kitchen & Bath Consumers" compares the behavior and attitudes of those ages 18 to 37 to other generations when planning kitchen and bath remodeling projects. The study, conducted by The Farnsworth Group, also found that more than half of the millennial generation has purchased a home in the past five years. Other findings include: • When purchasing kitchen and bathroom products, younger generations value Internet searches and information from friends and family members more than other age groups. • Customer reviews are more important to Millennials when selecting kitchen prod- ucts compared to other age brackets. In the bathroom, the cost of a product is paramount for Millennial buyers when compared to other generational groups. • In the kitchen, top remodel products installed were: countertops (89 percent), kitchen faucet (75 percent), kitchen sink (74 percent) and cabinetry (73 percent). • The average project plan time for kitch- en remodeling was 1 to 3 months. • In the bathroom, top remodel products installed were: flooring (79 percent), bathroom sink (77 percent), bathroom sink faucet (74 percent) and toilet (66 percent). • Master bath remodels made up 80 per- cent of total bathroom remodels. Houzz Renovation Barometer indicates confidence for all industry sectors The Q2 2016 Houzz Renovation Barometer, which tracks confidence in the home reno- vation market among industry profession- als, reflects widespread quarter-over-quar- ter confidence for all industry sectors — including architects, designers, general contractors/remodelers, design/build, specialty building/renovation and specialty landscape/outdoor — with readings of 63 or higher. Year-over-year increases in business activity across all sectors tend to be driven by older homeowners. Half or more firms across all sectors report an increase in activity of homeowners ages 35 to 54 so far in 2016, relative to the same period in 2015 (46 to 58 percent). Projects from Baby Boomers have increased for many as well (36 to 51 percent). Projects from Millennials are increasing at a slower rate, with 21 to 28 percent of firms across all sectors reporting growth in projects from this age group. A quarter or more of firms are seeing more clients tackling multiple projects at the same time (22 to 48 percent). Additionally, half or more firms report an increase in year-over-year kitchen and bathroom renovations (46 to 58 percent). "Barometer readings over the past six quarters have shown consistent confidence in the home renovation industry, despite slight softening in some sectors," says Nino Sitchinava, principal economist at Houzz. "The increase in Baby Boomer and Gen Xer activity, as well as an uptick in kitchen and bath activity, is consistent with our recent insights from other studies of homeowners and are a great sign of the vitality of our industry." Visit Houzz.com to read about more find- ings from the Q2 2016 Houzz Barometer. NAHB Remodelers reports shake-up of common remodeling projects in 2016 Originally posted by the National Association of Home Builders: Whole house remodels and additions are regaining market share according to a survey of remodelers released by NAHB Remodelers, the remodeling arm of the National Association of Home continued QualifiedRemodeler.com QR August 2016 17 IN BRIEF MAKE IT SOLID. We've been mixing for 80 years so you can BUILD IT. Grab a bag and pour it, no excuses just SOLID RESULTS. Anything is possible WITH SAKRETE. Concrete, Mortar and Stucco Mixes Maintenance and Repair Products for Concrete and Asphalt T H E P R O ' S C H O I C E | S A K R E T E . C O M For more info circle 58

Articles in this issue

Links on this page

Archives of this issue

view archives of Qualified Remodeler Magazine - AUG 2016