According to new research from the National Kitchen and Bath Association, millennials (ages 18-37) outspend other age groups when remodeling their kitchens or bathrooms. They are typically spending about 18% more on a kitchen remodel and 42% more on a bathroom remodel. The research compared the behavior and attitudes of millennials to other generations when planning a kitchen or bathroom remodel. Below are a few interesting findings to note regarding millennials:
- They value internet searches and info/referrals from friends and family.
- Customer reviews are more important to millennials when selecting kitchen products.
- The cost of a bathroom product is critical.
- Top remodeling projects in the kitchen: countertops, faucet/sink and cabinetry
- Top remodeling projects in the bathroom: flooring, faucet/sink and toilet
- Master bathroom remodels make up the majority of the total bathroom remodels for this segment.
With millennials spending a significant amount more on their remodeling projects, it is important to offer financing as a payment option. Foundation Finance has flexible, easy-to-use loan programs that will help you close the sale and make your customer happy. Check out our website (www.foundationfinance.com) or call us at 855-241-0024 ext. 5012 to learn more.
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