Highest income tier households are less sensitive to mortgage rates and continue investing in luxury kitchen and bath remodels. Only 14 percent of funding sources for kitchen and bath repair and remodel (R&R) projects were tied to rates for these households, with annual household income greater than $160,000.
I have been on the road, and it seems that showrooms not solely focused on the ultra-high-end market have experienced a decline in business. Generally, I am hearing statements like, "We are busy but down by 10% to 15%."
Every day, we receive promotional emails attempting to entice us to visit, shop and purchase branded products. Countless companies employ a "pushing, pushing, pushing" product approach, emphasizing style and price, hoping that one will motivate us to delve deeper. But, is that rare brand dive really enough? What are these mega brands are trying to “teach” us? The answer, my friends, lies at the bottom of email and on their home page. "Please visit our elegant store and let our talented design team help you create.”
The plumbing supply industry and our showrooms, as well as many re-distribution businesses, are run ERP systems that are based on the IBM AS/400 or DOS. Both originated in the 1980s. We are an industry that looks to shave pennies to scale and limit our operational invest. We live by “If it ain’t broke, don’t fix it,” and so we have gone for a millennia. But, the possibility of having a knowledgable consultant in our pocket might just change the way we employ computers in all facets of business.
In the 1980s, homeowners, builders and designers would walk into these new-fangled decorative plumbing showrooms and be wowed by all the sparkle and style. And as pretty as it all looked, these design leaders had no idea exactly what they were looking at. Sure, they saw fancy faucets but they had no idea how to layout, buy and install a “decorative bathroom”. Prior to decorative showrooms all that was only handled by the plumber. Who was going to help them navigate this new world.
COVID-19 may remain in the news but it did not stop people from attending the 2023 KBIS/IDS show in Las Vegas. In fact, early estimates set the attendance in excess of 100,000 enthusiasts. Now that’s a show!
The NKBA announced its 2023 Board of Directors. Jan Heck, president and CEO of Miele USA, was elected NKBA Board Chair, succeeding Basil E. Larkin, senior vice president of sales at Hestan Commercial Corp.
The National Kitchen and Bath Association (NKBA) had a monumental year in 2022. It kicked off with the first in-person Kitchen and Bath Industry Show (KBIS) event since 2020. Additionally, in October, NKBA moved from Hackettstown, New Jersey to its brand new headquarters in Bethlehem, Pennsylvania.