Within just a recent study of affluent consumers who symbolize the 11. 4 , 000, 000 households that account for about half of consumer spending, the American Wealth Research Center found that 8% of the wealthy consumers definitely plan a major kitchen remodeling throughout the next 24 months and 11% definitely plan a master bathroom remodeling task. bathroom remodeling near me
Your kitchen remodeling strategies represent any market of 912, 000 households, and the bathroom remodeling programs represent a potential market of 1, 254, 500 households. The undecideds (i. e. those who are not sure) represent a potential market almost dual that of the distinct remodelers.
Plans for an estimated 1 ) several home remodeling projects of some type during the next twelve months were reported by the affluent consumers, who account for 10% of all US households, depending on net worth.
About 62% of the affluent have no plans to acquire any of the kitchen and bathroom items shown. About 10% to 15% of the affluent plan to acquire at least one of the items, with the exception of the kitchen floors and water efficient fixtures and heaters. Less than 10% reported plans for these three items. Each 1% equals approximately 114, 500 potential unit sales.
A design specialist was called generally as the principal source for almost all of the purchases for a major kitchen or bathroom redesigning project. Home Depot, used by Lowe’s, was the second most frequently known as source.
Among those who definitely want to remodel their kitchen or master bathroom during the next twenty-four months, the items they plan to acquire often change depending on the current value of their home. To get example, 63% of those with homes valued below $1, 000, 000 plan to acquire new kitchen floors while only 31% of those with homes valued above $1 mil plan to do as a way part of their kitchen remodeling project.
As an average, almost $35, 1000 is the most the respondents who definitely intend to remodel their kitchen could imagine spending. Almost $15, 000 is the most the respondents who definitely plan to remodel their bathroom could imagine spending. Both amounts are incredibly near the average cost predicted in a survey of dealers by Kitchen&Bath Style News.
Age of room seems to be an useful indication of when people are a good prospect for remodeling their kitchen or bathroom.
Ron Kurtz is a principal of The American Affluence Research Centre as well as the Management Resource Group. Both companies provide marketing research and strategic planning services to prominent clients in the travel and hospitality industries, especially those targeting the affluent market.
Prior to founding MRG in 1989, Ron’s experience included over 20 years in senior management positions in the airline, hotel, and tour business. Since the founding President of Sea Goddess Cruises, this individual created the product category of small deluxe cruises for the actual affluent. This individual also served as the chief marketing officer of four cruise lines, including Norwegian Cruise Line and Windstar Cruises.