The US faucet market will reach 4.7 billion US dollars, and the female consumer group has risen sharply
Posted on September 22 2022
According to the Research and Markets research report, the U.S. faucet market is expected to reach $4.7 billion by 2028 and is expected to grow at a compound annual growth rate of 4.8% from 2021 to 2028.
Rising demand for household goods and accessories is driving the market. According to the LIRA Center (Leading Indicator for Remodeling Activity), the annual growth rate of home renovation spending in 2019 was 6.0%.
The demand for smart home and smart bathroom decoration is hot, and more and more consumers are showing a preference for the spa experience at home. In addition, products with new water-saving functions and technologies, such as smart digital faucets, are gradually being recognized by the market. The EPA's introduction of water-saving efficiency has also indirectly driven the growth of demand for smart bathroom equipment and digital faucets.
The tourism and hospitality industries have been hit hard by the COVID-19 pandemic, as have the commercial markets closely linked to this segment. However, it is estimated that the commercial segment will be the largest and fastest growing segment in the coming years. Many businesses are offering premium and luxurious faucets designed specifically for the commercial sector. Among international companies, faucet companies such as Moen and Delta are targeting growth in one market and increasing the promotion of luxury faucets.And Chinese faucet factories are also taking the opportunity to enter the higher-end market. At the "Mining Invisible Champions, Empowering the Supply Chain" event held by Kitchen and Bath Information in 2020, the person in charge of a Chinese faucet factory said that the highest-end faucets have hand-carved faucets, and the materials include crystal and jade faucets. These products are sold in foreign markets. very popular.
The kitchen faucet segment is estimated to be the fastest growing. Increasing utilization of smart faucets is supporting the growth of this segment.According to Houzz, 57.0% of homeowners in North America will upgrade their kitchen faucets as part of a completed, ongoing, or planned 2018-19 kitchen renovation. Among them, 30.0% of the people chose the water-saving faucet, 24.0% of the people chose the faucet without fingerprint coating, and 22.0% of the people liked the touch faucet. Plus, more and more people are adopting pull-down faucets for maximum use and increased flexibility.
In addition, the growth of female buyers is also noteworthy. According to NPD, women are more likely to buy kitchen and bathroom products than other home improvement products. In 2020, women will account for nearly 60% of the customer base for online purchases of kitchen and bathroom products, and 52% for offline sales.
In 2020, e-commerce accounted for about 28% of total kitchen and bathroom improvement sales. Many home improvement retailers remain open during the pandemic, and consumers will visit home improvement stores more frequently once lockdown restrictions are lifted. Among them, a larger proportion of women buy kitchen cabinets in offline stores, and more shower and faucet combinations are purchased online.
This feature is also associated with a rise in female home buying rates in 2020. According to the National Association of Realtors (NAR), single female buyers make up 19% of the 2020 homebuying cohort, the highest. The median age of single female repurchases was 59. While women aged 55 and over spent the most on annual kitchen and bathroom renovations, women aged 18 to 24 saw the biggest increase in annual spending.