Expected Kitchen and Bathroom Worktops Market Decline by 20% due to Covid-19

This blog focuses on the predictions for the kitchen and bathroom worktops market decline for 2020 and onward. Read our latest 2023 findings here and learn how the 2020 worktop market faired against the pandemic.

Navigating Through Q1 2020

The kitchen and bathroom worktops market entered 2020 with promising prospects, driven by a robust and expanding housebuilding sector. However, the unforeseen arrival of the Covid-19 pandemic dramatically altered the landscape, presenting a distinctly different outlook in the short term.

The initial quarter of 2020 witnessed a notable downturn in the sales of kitchen and bathroom furniture, intricately linked with the worktops market.

The most significant impact was observed between April and June, coinciding with the closure of a majority of retail outlets due to government-imposed Covid-19 restrictions on what was deemed “nonessential” trade.

Shifting Consumer Behaviour

A hallmark of a thriving market is customers gravitating towards higher-quality products. However, in the current climate of diminished consumer confidence and cautious spending habits, immediate movement towards product upgrades is improbable.

Nonetheless, in the long term, the sector is poised to benefit from a discernible trend, with engineered stone quartz and solid surface materials gaining market share.

The broader availability of these luxury materials, coupled with an increasingly informed consumer base, is expected to fuel the growth of premium products.

Market Players for Kitchen and Bathroom Worktops

Major companies in these markets are anticipated to recalibrate their operating capacities to previous levels relatively effortlessly.

Conversely, the crisis may prove insurmountable for smaller entities, particularly specialist retailers and fabrication companies already grappling with pressures in saturated markets. Limited access to financial resources further compounds the challenges, posing potential existential threats.

Short-Term Contraction, Long-Term Expansion

In the short term, the market value is projected to experience a decline of approximately 20% in 2020. However, a partial rebound is anticipated in 2021, followed by annual growth rates of 4-6% through 2024.

Despite this positive trajectory, reaching the peak levels observed in 2019 is forecasted towards the end of 2024.

The growth is expected to be tempered by lingering factors such as weakened consumer confidence and household financial constraints resulting from the enduring impact of Covid-19 restrictions.

Conclusion

In the midst of uncertainties, the kitchen and bathroom worktops market navigates through a complex interplay of challenges and opportunities.

While the short-term landscape is marked by contraction, the long-term trajectory remains one of resilience and growth, with the industry poised to adapt to evolving consumer dynamics and market forces.