A recession-wrought change in consumer spending is having a dramatic impact on kitchen and bath remodeling, according to a major new study conducted by sink, faucet and shower products supplier Moen.
“Given the current recession, it’s no surprise that consumers are saving rather than spending – and when they do spend, they’re doing so from cash on hand, rather than credit,” says Jack Suvak, senior director of OH-based Moen. “This change in spending behavior has had a dramatic impact on remodeling projects.”
According to Suvak, most homeowners are choosing to perform “room lifts” – small upgrades to personalize a room – rather than undertake the kind of major remodels that were commonplace prior to the recession. An example is choosing to refinish or reface existing cabinets to update a kitchen rather than remodel an entire kitchen. In addition, Suvak said, homeowners “are choosing to personalize renovations to fit their needs, rather than update a room for the next family that will be living in the house.
“For years, we’ve heard that if you want to sell your home, start by remodeling your kitchen because it has the highest return on investment,” he said.
Moen’s research found that families with children living in the home are more engaged in their kitchens than their counterparts without children – and are more likely to view the kitchen as a place where activities or conversations happen. With regard specifically to kitchen remodeling, respondents with children are significantly more likely than those without children to remodel or make improvements to their kitchen or spent more on kitchen improvements, Moen said.
Original article on Kitchen and Bath Design News