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Principia/Blog/Market Insights/Faucets Represent a Small but Thoughtful Spend in a Kitchen Remodel

Kitchen remodels usually rank near the top of homeowner projects completed every year, nearing 2 million projects and approaching $20 billion in spend in 2015. And they are not inexpensive with budgets ranging from $5,000 to over $50,000 with average remodel costs falling between $10,000 and $25,000.

So why do homeowners spend this kind of money on a remodel? The number one reason is the kitchen and adjoining family room has become the focal point of the home, not only for entertaining guests but for everyday living. Another reason is to refresh a dated kitchen aged by ever-changing design and style trends. While expensive, it’s been shown that kitchen and bathroom remodels represent the highest return on investment among all remodeling projects when selling a home.

Most kitchens will have a single or maybe even a second faucet installed, and even at the high end, this represents a small portion of total spend (a couple hundred dollars to over $1000) compared to cabinets, countertops and appliances. Although lesser in cost homeowners, especially females, put real value and thought around key features when selecting a faucet, including:

  • Design and style
  • Functionality
  • Quality and reliability

Consumers generally choose design over functionality which is largely tied to the overall kitchen style. Advancements in innovation by manufacturers continue as competition has become tougher, including from overseas suppliers, resulting in faucets that look and perform better than ever. Improved functionality has largely extended to water quality and conservation resulting in the design of low-flow fixtures to maximize air pressure and minimize water consumption. There’s also been a shift among builders and remodelers to consider touchless and smart faucets to sell convenience to the homeowner. Homeowners have also taken a more active interest in higher value products during the shopping and buying journey whether for a simple faucet replacement or a full kitchen remodel.

Design and functionality need to be matched by quality and reliability. Remodelers and plumbers hate callbacks – they cost money and time – and homeowners can’t live with the inconvenience of a leaky faucet. In the end, all the bells and whistles aside, keep quality number one.

To learn more about the plumbing fixtures market click here or contact us.