The Global President & CEO shared his insights at the Manhattan Chapter’s Education Day.
Bill Darcy, Global President & CEO of NKBA | KBIS, gave a keynote speech on the “North American Market Outlook 2023-2024: Kitchen & Bath” at the NKBA Manhattan Chapter’s second annual Education Day in New York. To a standing-room-only audience in the Fisher & Paykel showroom, Darcy shared the recent findings from the association’s Q3 Kitchen & Bath Market Index and the Mid-Year Update of Kitchen & Bath Market Outlook.
This discussion was a deep dive into the current K&B landscape, offering a glimpse into the industry’s 2024 prospects. He noted that residential K&B spend in 2023 is forecasted to hit $179 billion and, even though this would be a decline from 2022, it would still be likely higher than pre-pandemic levels.
“NKBA members still feel the market is strong…so we’re ready for a rebound [in 2024],” said Darcy, reflecting the optimism reported by K&B professionals in NKBA’s recent research.
Additional topics Darcy touched on included:
- The new home sales resurgence in the spring/summer of 2023.
- Current pent-up demand that is predicted to contribute to eventual growth.
- The “Golden Age of Remodeling” in 2020-2023 as predicted by Todd Tomalak.
- The five key drivers of short- and long-term remodeling demand.
- The expected future recovery and good positioning for the long-term growth of the luxury segment.
View the video of Darcy’s presentation below to discover more insights from his 2023 – 2024 Market Outlook presentation.
To get the Q3 Kitchen and Bath Market Index, go here. To download the Kitchen & Bath Market Outlook Mid-Year Update, go here. NKBA research is free to all members.
