Millennials love kitchen & bath remodeling, according to the latest research by – yep – the National Kitchen & Bath Association, or NKBA.
“Millennials spend an average of 17.7 percent more than the $19,155 typically invested in a kitchen remodel, and 42.3 percent more than the $11,364 normally allocated to remodel a bathroom,” according to the trade group’s research.
The NKBA’s study, conducted for it last summer by The Farnsworth Group, also found “more than half of the millennial generation has purchased a home in the last five years.”
Other findings include:
- When purchasing kitchen and bathroom products, younger generations value internet searches and information from friends and family members more than other age groups.
- Customer reviews are more important to millennials when selecting kitchen products compared to other age brackets. In the bathroom, the cost of a product is paramount for millennial buyers when compared to other generational groups.
The organization offers a SlideShare summary of its findings:
The National Kitchen & Bath Association (NKBA) is the not-for-profit trade association that owns the Kitchen & Bath Industry Show (KBIS®). With nearly 14,000 member companies representing tens of thousands of members in segments of the kitchen and bath industry, the NKBA has educated and led the industry since its founding in 1963.
The NKBA research echoes other studies which suggest a steep and conditioned rise – and trust – in all levels for internet and social media consumer research.
Nearly 40 percent of all internet users turn to the social channels now to research products before making a purchase, according to GlobalWebIndex, a well-regarded, world-wide research firm.
“It’s now 37% of internet users who turn to social networks to carry out research on brands or products – a marked increase on the 28% seen back in mid-2015,” suggests GWI. “No less revealing is that, among 16-24s, social networks are now just 6 percentage-points behind search engines as the number one port-of-call for product research. So, look no further than the youngest consumers if you want to predict where these new features will have the biggest (effect).”
This latest research is just more evidence the social media, as a form of daily information and communication, have moved from the new and sexy “bright, shiny object” of yesterday to mainstream and productive communication channels.
“Search engines remain the default go-to point when 16-24s are looking for more information about a brand or product, but it’s now 36% who are turning to social networks,” says GWI. “This gives search engines a narrow 6-point lead (compared to a much-wider 42-point gap for 55-64s).
“Taking a look at where these youngest consumers over-index the most is also pretty revealing. Not only are they significantly ahead of average for social networks generally, they over-index by 30% for researching brands on micro-blogs and by 20% for online pinboards (on Pinterest, as an example.)”