households are seeing real income decline as inflation climbs and stimulus payments recede. The forecast predicts U.S. real disposable income to decline by 3.5% in 2022 after climbing 2.2% in 2021.
Business remains strong for most remodelers at the beginning of 2022,, however, a few are starting to report that customers are reluctant to move forward on projects due to the delays and higher costs caused by supply chain problems.
In the coming year, VersaTech will add a new Plus tier to complete its current domestically produced product offerings, VersaTech Essentials and Select.
The combined share of younger millennial (23 to 31 years old) and older millennial buyers (32 to 41 years old) rose to 43% in 2021, up from 37% the year prior.
More than two-thirds of companies surveyed said they are anticipating this will be a good or very good year, and that demand for their services will continue to increase.
A study of nearly 1,600 U.S. homeowners by Houzz found that wall finishes, floors and showers tie at 83% of all upgrades in a home bathroom and approximately nine in 10 home renovation projects are updates to the style of the homeowner’s master bathroom.
While annual owner improvement and repair spending could reach $430 billion by the second half of 2022, several headwinds may still temper growth expectations this year.
Founder and owner of Two Chicks and a Hammer, home renovation expert, realtor and star of HGTV’s Good Bones, Mina Starsiak Hawk is scheduled to appear in person at Karndean Designflooring booth 2132 during The International Surfaces Event in Las Vegas.
