Whilst buying a new fitted kitchen can be a significant investment, the benefits of renovating your kitchen make it an attractive option for many homeowners. Custom-made fitted kitchens are characterized by professional planning, assembly and finishing and can significantly increase the value of a home or breathe new life into a family home. But given the recent housing slump and the pressures of the global recession, how often do people decide to switch kitchens during these tough economic times?
Although the exact number of new installations each year is not immediately available, activity in the UK kitchen market is a good indication of the relative popularity of new kitchen designs among homeowners. According to AMA Research, the UK kitchen furniture market grew between 2002 and 2007, reaching a total market value of £1.4 billion. This indicates a growing trend to install new kitchen cabinets as homeowners look to update their designs, embrace new features, and add value to their home. However, with the financial crisis of 2008 and the collapse of the real estate market, there was a sharp decline in the kitchen furniture market, which lasted until 2009 and only stabilized in 2010. This indicates a steady decline in the number of people choosing new custom kitchen cabinets.
What does this say about the change in landlord attitudes over this period?The onset of the financial crisis put enormous pressure on household budgets and impacted demand for ‘non-essential’ goods; some products. Perhaps even more important is the impact of the housing market crash. Many people are choosing to install a new kitchen to add value to their home as the housing market is slowing and there is less interest in installing new kitchen cabinets that add value.
What does this say about future trends and how often will homeowners buy new kitchen furniture in the future? On the one hand, this indicates that the market for fitted and partial kitchens is largely determined by fluctuations in the real estate market, so that manufacturers and dealers should adapt accordingly to the trends in this area.However, it should be noted that there has been a steady and growing interest in home improvement over the past decade, which should help boost this market as household incomes begin to recover. Homeowners are now more aware of the kitchen’s psychological role at the heart of their home, which means they are paying more attention to changing color, material and layout preferences. Homeowners’ constant search for the “perfect” kitchen is expected to spark renewed interest in professionally built kitchens, especially as new styles, appliances and trends enter the mindset of consumers.
