Bill Darcy Delivers Inspiring State of the Association Address at KBIS 2024
Las Vegas, NV – At the Las Vegas Convention Center, Bill Darcy, Global President & CEO of NKBA | KBIS, delivered a State of the Association (SOA) address during KBIS 2024. His remarks highlighted the success and resilience of the kitchen and bath industry and included the announcement that the Design & Construction Week co-location agreement between NKBA | KBIS and NAHB has been extended through 2030.
The Kitchen & Bath Industry Show (KBIS) is a cornerstone event for the kitchen and bath industry in North America. As the largest trade show in the world dedicated to the sector, KBIS has been held annually for more than 60 years. The show provides designers and industry professionals with opportunities to discover new products, explore trends and technologies, and engage directly with industry leaders and product developers.
In his address, Darcy underscored the long-term impact of KBIS on the industry while recognizing a major milestone.
“This year, we are celebrating the 60th anniversary of KBIS. That’s six decades of a kitchen and bath show that only keeps getting bigger and more successful since the first show debuted in 1964 in Philadelphia where we had 24 exhibitors and 250 attendees. I’d say we’ve come a long way, considering we now have nearly 700 exhibitors that span almost 500,000 square feet of exhibit hall space.”
Key Takeaways from the Address
Industry Health
- Darcy emphasized the strong health of the kitchen and bath industry despite economic challenges in 2023, including inflation, uncertain consumer sentiment, and broader economic volatility.
- NKBA reported its strongest financial position to date, with no debt and financial reserves totaling $36 million, sufficient to fund operating expenses for more than two years.
- Kitchen and bath spending in 2024 is forecast at $173 billion, representing a modest three percent year-over-year decline while remaining above pre-pandemic levels.
- The number of existing homes for sale is increasing, encouraging remodeling activity among both buyers and sellers.
- Homeowners continue to hold record levels of home equity, expected to be deployed as interest rates stabilize.
- Deferred remodeling projects are projected to drive future demand, with the number of homes in prime remodeling years expected to grow by 2.2 million by 2027, reaching 24 million homes.
Association Highlights
- Membership dues revenue increased by nine percent in 2023.
- Member retention remained strong at 92 percent.
- New membership revenue grew nearly 50 percent, supported by NKBA’s new online sign-up system.
- Total KBIS revenue increased by an additional 26 percent.
- NKBA continued its commitment to investing at least 70 percent of expenses in member programs, maintaining this level for more than a decade.
- Global awareness of NKBA | KBIS expanded, with Global Connect program membership doubling year over year.
- More than 50 in-person events were held nationwide, alongside virtual events including the Sustainability Summit, Outdoor Kitchen Summit, and Bath Trends Summit.
New Initiatives
- NKBA announced a new partnership with Material Bank, allowing members to access the search and sampling platform using their Member IDs.
- The formation of the first NKBA | KBIS Design Council was introduced, featuring four prominent designers and influencers to strengthen engagement within the architectural and design community.
Darcy’s address set an optimistic tone for the future, emphasizing the association’s strong financial foundation and strategic initiatives designed to foster continued growth and innovation across the industry.
Following the SOA address, Darcy moderated a State of the Industry panel featuring experts from John Burns Research & Consulting, Zonda, the Joint Center for Housing Studies of Harvard University, and Zillow Group. Panelists discussed challenges affecting the kitchen and bath sector, including shifts in consumer demand, inflation, constraints in the skilled labor market, and uncertainty in the home renovation economy.
For more information about KBIS and NKBA, visit NKBA.org.
