Pandemic Motivates Homeowners to Upgrade Their Homes, Creating Lucrative Opportunities for Franchisees
With the kitchen and bath market booming, it’s never been a better time to invest in N-Hance. We are the leading wood refinishing franchises, using revolutionary technology to breathe new life into old homes.
Recently, the National Kitchen & Bath Association commissioned the highly regarded John Burns Real Restate Consulting firm to see just how consumers are spending money since the COVID-19 pandemic. Related economic and housing market trends improved, and the results could not be more promising for the kitchen and bath market.
The study found residential kitchen and bath spending increased from $140.8 billion in 2020 to an astonishing $170.9 billion in 2021, representing a nearly 22% increase year-over-year. What’s more, this growth is driven by a 28.5% increase in new construction for kitchens and baths, and a 12.5% increase in kitchen and bath remodeling.
“The kitchen and bath remodeling industry will be impacted by a high share (30%) of homeowners increasing home improvement spending in 2021,” the report said. “Indeed, renovations are an increasing focus of owners’ discretionary spending post COVID-19. Kitchen and bath projects stand out as their primary area of interest.”
Increase in Home Improvement
As so many businesses struggled over the past year, N-Hance was uniquely positioned to see the benefits of more people staying at home, which spurred Americans across the country to take on long put-off remodeling projects. Nearly one in three homeowners said they intended to start a home improvement project in the past year. This made the industry the single hottest discretionary line item among U.S. homeowners, beating out entertainment, travel, and even medical expenses.
The National Kitchen & Bath Association report said in 2021, a total of 25% of people were first-time remodelers. Another 37% said they had done remodel projects before, but were spending more. Research showed the average project budget was nearly $16,000, with about 60% specifically spent on improving the kitchen and bath.
These promising trends impacted N-Hance, which focuses on kitchen and bath remodels. Demand was so high, N-Hance debuted a five-year plan to add more than 40 new territories throughout the state of Texas, where existing franchises saw a strong fourth quarter performance where year-over-year system wide sales grew 29%.
“We are seeing interest from entrepreneurs who already own other types of home improvement businesses looking to diversify their portfolios, as well as from people seeking entry into the booming industry with a franchise with a proven track record of success,” said D’Wayne Tanner, Senior Vice President of Franchise Sales.
Providing Affordable Options
For years, N-Hance has made it affordable for homeowners looking to beautify their spaces on a budget. Some projects can run one-third to one-fifth of the cost charged by competitors using traditional methods. For so many Americans, N-Hance’s services strike the balance between cost and value.
“We’ve discovered people don’t want to spend a lot of money on cabinets or on their floors, they just want a new look they can be proud of and will add value to their homes and properties,” says Kelly Jensen, President of N-Hance. “Our services are affordable, fast, and beautiful, and allow our customers to spend less of their hard-earned money on a home remodeling project, while enhancing their homes to better enjoy with the people they love.”
And the National Kitchen & Bath Association has the numbers to prove it.
“With consumers spending unprecedented amounts of time at home, they are looking to invest accordingly,” the report said. “Nearly one in three homeowners reported plans to increase spending on home improvements in 2021.”
There’s never been a better time to invest in N-Hance
With the boom in home improvements and the increasing power of the N-Hance Wood Refinishing brand, now is the perfect time to consider investing in your future as the next owner of an N-Hance kitchen remodeling franchise. To find out more about our franchise opportunity, visit our franchise information pages. Or, download our free Franchise Information Report.