KBB industry on brink of ‘golden age’ of refurbishments, says expert

Todd Tomalak

Once the dust has settled after the current market turmoil, the KBB industry could be on the brink of a “golden decade of remodelling,” according to one market expert.

The prediction was made by Todd Tomalak, principal of the Advisory of Building Products for housing market research organisation Zonda, using data the organisation has collected from homeowners intending to remodel their homes.

It found that many homeowners who have experienced a reduction in their disposable income say that they are still planning on carrying out the work, although they have had to postpone it for the time being.

More specifically, Zonda found that of all the home renovation categories, kitchen projects were the most likely type to be deferred. Zonda concluded that although homeowners may not currently be able to pay for kitchen renovation projects, the desire to complete this work is still high on their list of priorities when the market begins to stabilise again.

As a result of the market slowing, Tomalak believes consumers are holding off on carrying out planned remodels, and that the industry could see a “a wave of pent-up remodels occur in kitchen and bathroom that is larger than what we have seen in several decades”.

Additionally, research showed that twice as many homeowners are planning to move house soon compared with figures from 2021. Tomalak believes that high mortgage rates are currently keeping homeowners from looking to move, but once rates relax, the number of house sales is likely to rise exponentially. This would likely also lead to extra spending on kitchen and bathroom projects.

Tomalak concluded his market prediction by stating that despite the next 18 months looking gloomy for the KBB market, the industry may then go on to experience what he described as a “golden decade of remodelling,” where consumers will finally be in a position to carry out the home renovation projects that they have been deferring.

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