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According to participating members in the Kitchen Cabinet Manufacturers Association monthly Trend of Business Survey, cabinet sales for October 2008 decreased 22.8 percent compared to sales for October 2007. Stock cabinet sales decreased 17.5 percent, semi-custom sales decreased 26.5 percent and custom sales decreased 29.2 percent compared to the same period a year earlier. Year-to-date sales show a decrease of 17.8 percent, with stock sales down 18.5 percent, semi-custom sales down 16.9 percent and custom sales down 18.7 percent. I know these numbers look scary, however, according to a study conducted by This Old House Ventures:
71% - Homeowners say home improvement is a way of life.
81% - Homeowners say their home is an important part of who they are.
93% - Homeowners say they are planning to do work on their homes.
45 % - Homeowners say they are moving forward with all planned projects.
37% - Homeowners say they are cutting back on other expenses to pay for home. Despite the slow economy, homeowners continue to spend money to upgrade their existing home. Gourmet kitchens and luxury spa bathrooms are still the most-wanted features when buying or building a new home. Heck, most design shows on HGTV feature amazing kitchens or bathrooms to remind us how inadequate our spaces are. I live by a Home Depot and Lowes (Chicagoland area) and their parking lots are humming with activity. On the weekends, it’s hard to find a parking place. People are spending money but they seem to be investing in items such as home repair/upgrades — areas that could have a potential payback. What do you think?
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