The kitchen is the heart of the home, where families gather to discuss their day, meals are prepped, and memories are made. So, it’s little wonder that in 2024, we’re seeing a trend towards larger kitchens. There’s no denying that big kitchens are big business right now.
A survey conducted by Houzz showed a rise in optimism among professionals in the kitchen industry, with three in five businesses anticipating increased demand for their services. One of the key drivers of this is the desire for a bigger kitchen.
This year is the ‘year of renovation’ according to research by Beams that found 78% of homeowners will improve their home rather than move. A new kitchen can add as much as 4% to a property’s value. JKMR 2024 Overview Report on the UK Fitted Kitchen Market shows that 1.06 million new kitchens are predicted to be installed during 2024.
Source: JKMR research
According to our data, people who move homes spend £4bn a year on new kitchens. The pandemic’s race for space trend doesn’t appear to have bucked. The cost of living is likely driving people to socialise more at home rather than venturing out to restaurants and bars. Kitchens are now much more than just a place to meal prep. They’re social hubs and home offices too.
Which consumers should kitchen retailers target?
We don’t need to tell you that a key target for KBB retailers to go after is someone who has recently moved home. People love to put a stamp on their new property – and a new kitchen is often a top priority. If someone has moved into an older property, it may have an outdated kitchen that needs renovating. Alternatively, it may just be that the current kitchen simply doesn’t suit their taste.
Our BuyerAlerts database puts you in touch with home movers. We know exactly who is moving and what stage they’re at. We know the best time to target these consumers, right when they’ll be contemplating a new kitchen.
The current desire for bigger kitchens suggests a need to target affluent consumers. With BuyerAlerts, you can filter home movers down by the minimum value of the property and the minimum number of bedrooms. This means that you only go after those most likely to have the budget for your kitchens. What we’re seeing in the current climate is that retail spending is predominantly coming from those top earners, with the middle feeling the economic squeeze. Those already paid off their mortgage are not being affected by the hikes in interest rates and higher earners still have enough disposable income to spend on a new kitchen. If you filter to just the higher property values, you’ll be more likely to hit the consumer who has the budget for your services.
Extend your opportunity
Our analysts can also provide planning application data. There are 500,000 planning applications submitted per year and our data can drill down to the nature of the extension and the size of it. We know when people are planning to build bigger kitchens and whose application has been approved. Timing is essential, so we can help you target customers at the optimal stage of their project. This means you can connect with these consumers when they’re making critical decisions about their projects. Those applying for an extension are a key customer to go after to generate new KBB leads.
The retail sector is facing pressure because of economic challenges, but the kitchen industry is holding up against these strains. The kitchen furniture sector in the UK fared better than most, with just a 5% drop in traded value across the year.
That only means one thing - it’s time to ramp up your marketing to generate more enquiries! Tap into the trend for bigger kitchens and get your brand name out there to those home movers most likely to be in the market for your service.