Price is secondary when it comes to home improvements that hit home for consumers
PORT WASHINGTON, N.Y., Feb. 9, 2023 /PRNewswire-PRWeb/ -- U.S. sales revenue for products related to more substantial bathroom remodels have enjoyed double-digit gains in the last year. Purchases of products like bathtubs, whirlpools, vanities, and tub and shower surrounds retained positive sales performance in both units and dollars, while most other kitchen and bath categories struggled, according to The NPD Group.
"Not only has working from home become normalized, but over the past year escalating economic concerns have also encouraged consumers to save money by doing more at home," said Joe Derochowski, home industry advisor at NPD. "Consumers are still looking for ways to improve their living spaces and the way they make them feel. They are now looking for their bathrooms to not only be functional, but also a source of tranquility."
Many aspects of the home have gotten attention over the past few years, whether its the creation of new outdoor living spaces or just a fresh coat of paint. Most recently, bathrooms have received a significant amount of attention, with sales revenue from vanities with tops growing 27%, bathtubs and whirlpools growing 22%, and tub and shower surrounds growing 20%. Those same categories demonstrated positive demand levels, while also experiencing the highest year-over-year increases in average selling prices. Average prices for bathtubs and whirlpools rose 20%, compared to 2021, while tub and shower surround prices increased 18%.
"Even during challenging economic times, the consumer's willingness to spend on home improvement projects that they are passionate about can have more influence over sales growth than elevated prices," Derochowski said. "Appealing to the consumer's deepest wants and needs for their homes will be the key to success in the coming year."
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Media Contact
Janine Marshall, The NPD Group, 5166252356, [email protected]
SOURCE The NPD Group
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