Despite the lowest number of installations in a decade, the UK kitchen market value is projected to be £5.3 billion (up 1.5% from 2023) by the end of 2024, KBB Review reported.
The latest JKMR 2024 Overview Report on the UK Fitted Kitchen Market shows that 1.06 million new kitchens are predicted to be installed during 2024, while just two years ago, there were almost 1.28 million new projects in 2022.
The report also qualitatively reviews retail sector developments. It says Ikea’s opening of small city centre stores indicates the Swedish homewares giant still has “a desire to increase its presence in product lines that require in-store design services.”
JKMR predicts that in the short-term, it is unlikely Ikea’s full-scale kitchen refurb activity will return to pre-Covid levels, particularly given the economic constraints on younger householders, but it may “benefit from any long-term shift to a ‘piecemeal’ refurbishment model (i.e. replacing doors, changing handles, etc.)”
The brand has introduced a paid-for design advice service and design charges, which JKMR believes could significantly impact the market overall if it finally introduces the concept of kitchen design as a ‘product’ which should have a financial value put on it.
The report also highlights John Lewis’ recent struggle with ‘home’ product category sales. With Mereway, who made its cabinetry, ceasing to trade, it could not offer fitted kitchens for much of 2023.
With the group increasingly focused on its Waitrose side and online activity, JKMR believes it is doubtful it will ever return to being a significant market presence.
JKMR’s report highlights the essential market issues that will affect the year ahead: economic conditions and trading costs, changes in the rental market, skills shortages and increases to ‘fitter costs’, and the ‘top-down’ imposition of ecological standards.
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