Kitchen sales will pass £3billion for the first time in 2017
Kitchen sales will pass £3billion for the first time in 2017, according to a report from MTW Research.
Based on the kitchen industry, the research found sales in 2016 are at an historic high, influenced by 30% growth in housing transactions in four year, low unemployment and new kitchen trends.
The 160-page report cites consumers are demanding more space for their homes, with a growing need for kitchens to offer living, working, dining and socialising space.
Research executive for MTW James Taylor commented: “Whilst average UK kitchens are shrinking, demand for higher value kitchens with uncluttered, clean lines, is strengthening.”
According to MTW, the trends are translated into demand and margin growth for products such as wider pan drawers, wall-hung base units, boiling water taps, integrated appliances and narrow solid surface worktops.
The Internet of Things (IoT) was also identified as offering growth opportunities within the kitchen sector. It forecasts growth from IoT devices and beyond as consumers increasingly demand more ‘connected’ kitchens.
However, the report also issues caution, pointing to challenging market conditions with the rise of online retailers sustaining price pressure in the mid –lower value end of the market.
MTW found 55% of kitchen product manufacturers experienced sales growth in the last 12 months.