Market to Post Gains in 2021, But Pace of Growth Seen Cooling
HACKETTSTOWN, NJ — The kitchen and bath industry is expected to post strong growth in 2021, although the pace of that growth is apparently cooling, according to the latest Market Forecast Report issued by the National Kitchen & Bath Association.
According to the second, and final, update to the NKBA’s 2021 Market Forecast Report, the industry is expected to register “healthy, double-digit gains over 2020,” although the latest forecast has been “pared back a bit” compared to the previous (July) forecast – due largely to ongoing supply-chain disruptions, labor shortages and higher material costs, the NKBA reported.
The NKBA’s final 2021 Market Outlook, released early this month, projects full-year revenues of $167 billion, a 19% increase over the $141 billion posted in 2020. The new forecast, however, represents a modest downtown from the July Market Outlook, which pegged year-end 2021 revenue totals at $171 billion.
“This year has been like none other for our industry, as strong growth across virtually every sector has led to record revenues,” said Bill Darcy, CEO of the Hackettstown, NJ-based NKBA.
However, “some homeowners, faced with price increases related to supply chain shortages, are deferring projects until they have enough saved to get exactly what they want, or in the hope that costs will come down,” Darcy added.
The NKBA’s latest forecast projects a nearly 10% year-over-year growth in the kitchen and bath remodeling sector, and a 26% growth in new construction. Premium projects are expected to be up by more than 22% – although down from the 28+% forecast in July – while low-end projects will grow under 11%, “suggesting a cooling of the DIY trend,” the NKBA said.
“These findings are very encouraging and indicate that not only will we close out this year on a solid note, but the growth should be sustained into 2022,” Darcy observed.
The post Market to Post Gains in 2021, But Pace of Growth Seen Cooling appeared first on Kitchen & Bath Design News.
Did you miss our previous article…
https://www.culturekitchen.net/?p=449
Coverings 2022 Opens Registration, Call for Award Submissions
ARLINGTON, VA –Coverings (coverings.com), the preeminent event for the ceramic tile and natural stone industry in North America, has opened event registration and awards submissions for its 2022 event, scheduled to take place April 5-8, 2022, at the Las Vegas Convention Center in Las Vegas, NV. Coverings is accepting submissions for the 2022 Coverings Installation and Design (CID) Awards and nominations for the 2022 Rock Star Awards online through Dec. 17, 2021.
Tile and stone professionals interested in attending Coverings 2022 can register by visiting coverings.com. Key advantages to registering online and in advance include preliminary notices of popular programs, special promotions, product sneak peeks and other opportunities only available with early registration.
“Las Vegas embodies the exciting work-meets-play attitude everyone is ready for, and we are excited to give Coverings’ attendees the best of both worlds in business and leisure,” said Jennifer Hoff, president of Taffy Event Strategies, the management company for Coverings. “Coverings 2022 exhibitors and attendees will be able to learn, explore, network and build business at the foremost tile and natural stone event during the day, and experience some of the best dining and entertainment the world has to offer at night.”
Attendees of Coverings 2022 will be able to experience the latest tile and stone trends, mix and mingle with industry peers and cultivate the knowledge and connections that will help advance their businesses and sales. Coverings’ show management is currently planning for a creative and strategic lineup of product displays, a global exhibit hall, networking events and robust educational opportunities, including CEUs through sessions, demonstrations, live interviews and much more.
Coverings Installation and Design (CID) Awards
The CID Awards bestow recognition for outstanding design and installation in residential and commercial tile and stone projects. Architects, designers, builders, contractors, distributors, retailers, installers and other industry professionals may submit their projects through the CID project submittal portal by or before the Dec. 17, 2021, 11:59 p.m. EST deadline.
Projects submitted for review by the deadline will be evaluated and awarded based upon eight categorical designations: Residential Tile Installation, Residential Tile Design, Residential Stone Installation, Residential Stone Design, Commercial Tile Installation, Commercial Tile Design, Commercial Stone Installation and Commercial Stone Design. Project entries are free of charge, and multiple entries are encouraged.
Winners will be selected in spring 2022 after an independent panel of judges assesses each project on the levels of creativity, craftsmanship and use of materials. International projects may be submitted, and all projects must have been completed between January 2020 and December 2021 for review eligibility. Winning projects will be recognized onsite at Coverings 2022 as well as in various publications and on Coverings’ website and social media channels.
Coverings Rock Star Awards
The Coverings 2022 Rock Star Awards will recognize emerging leaders in tile and stone from 2021. Nominations may be submitted by or before the Dec. 17, 2021, 11:59 p.m. EST deadline by using Coverings’ Rock Star nomination form.
Coverings Rock Star nominees must be 35 years of age or younger and employed as one of the following professions: architect, designer, distributor, retailer, contractor/installer, fabricator, specifier, manufacturer and/or trade association personnel. Nominees will be judged by a committee of industry leaders who evaluate experience levels; professional certifications or affiliations; previous awards or accolades; prior speaking engagements at industry events; quantity of published works; impact in the tile and stone industry, and traits that set them apart as emerging leaders in the industry.
Winners of the Coverings 2022 Rock Star Awards will be honored onsite at Coverings 2022; included in a Coverings press release distributed to dozens of top magazines and publications, and highlighted in a year-long professional feature on the Coverings’ website and via Coverings’ social media channels and blog.
The post Coverings 2022 Opens Registration, Call for Award Submissions appeared first on Kitchen & Bath Design News.
Did you miss our previous article…
https://www.culturekitchen.net/?p=446
Cabinet, Vanity Sales Continue 2021 Climb, KCMA Reports
RESTON, VA — Major domestic kitchen cabinet/vanity manufacturers continued to report significant sales gains through the first nine months of 2021, according to the latest in a series of monthly surveys conducted by the Kitchen Cabinet Manufacturers Association.
The KCMA’s latest “Trend of Business Survey” reflected a year-to-date sales increase of 15.8% through September, compared to the same nine-month period in 2020. Custom cabinet sales through the first nine months were reported up 21.3% over the same period last year, while semi-custom sales rose 13.1% and sales of stock cabinets gained 16.6%, the Reston, VA-based KCMA said.
September sales, led by custom cabinet gains of 27.2%, were up 7.9% compared to the same month the prior year, the trade association added.
“Year-to-date sales remain strong across the board, said the KCMA, whose members’ combined sales represent approximately 75% of the U.S. kitchen cabinet and bath vanity market, according to the association.
The post Cabinet, Vanity Sales Continue 2021 Climb, KCMA Reports appeared first on Kitchen & Bath Design News.
Did you miss our previous article…
https://www.culturekitchen.net/?p=443