Millennials have a reputation for being a thrifty lot who tend to live within their means. That doesn’t mean they don’t spend money, though. In fact, a recent National Kitchen & Bath Association (NKBA) study found that Millennials actually spend more than other age groups when it comes to kitchen and bathroom renovations.
The report states that Millennials outpace other age groups by a full 42% when remodeling their bathrooms. The average price tag for said endeavor? $16,421, with the most popular products installed during bathroom renovations being flooring, sinks, sink faucets and toilets respectively.
Likewise, Millennials spent on average $22,508, or 17% more than others, on kitchen transformations. Countertops, faucets, sinks and cabinetry were the top four most frequently purchased materials in these remodels.
The NKBA report parallels other findings that show Millennials to be creative-minded individuals who appreciate good design reflective of personal tastes. Other studies reveal that rather than living alone, many Millennials opt for one, two or more roommates so they can afford fine things rather than pinch pennies. Hence, their higher spend on kitchen and bathroom renovations. Millennials also lean toward smart-home upgrades, like faucets with Touch2O® Technology.
To read the complete NKBA report, titled “Understanding Millennial Kitchen & Bath Consumers,” you can purchase it here. The report dives deeper into kitchen and bath remodels and includes a breakdown of key shopping behaviors, design preferences and more