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Published Date 4/1/2024

2024 remodeling trends? A new sink instead of a new bathroom It was just a few years ago when mask-wearing homeowners lined up at the big box stores with everything from new sinks to lumber hanging off flatbed carts, and homes were being remodeled like crazy. However NBC News’ Brian Cheung reports that households are currently hitting pause on their tub-to-shower conversion plans and buying new shower curtains instead. “After a pandemic-era renovation craze, the nation’s two largest home improvement retailers say customers are spending less on big projects in favor of cheaper do-it-yourself fixes.” Says Cheung, who says shoppers are cutting back on kitchen and bathroom purchases and becoming more cautious about buying big-ticket appliances. Lowe’s CEO Marvin Ellison told investors, “Those who did engage in home improvement activities took on smaller, non-discretionary projects with a heightened focus on value,” with sales dropping 6.2% compared to a year ago, which the retailer blamed on “persistent inflation and a stagnant housing market.” Home Depot was among the brooding, with a 3.5% fourth quarter sales dip from the year before. Lower cost improvements are still popular, however. Perhaps some new bathroom faucets instead of a new vanity. “Rising prices appear to be the main reason for consumers’ home renovation pullback,” says Cheung. While the pace of consumer price increases has slowed dramatically, home improvement spending has been cooling for months, Lowe’s and Home Depot have said, after a frenzy to upgrade both newly purchased homes and those where people suddenly found themselves spending more time together during Covid lockdowns. Today, many who may have counted on a cash-out refinance to streamline that 1996 kitchen don’t like the payments they are left with once they crunch those numbers. Reach out for more! NBCNews, TBWS

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