Will cabinet prices go down in 2023?

The Price of Kitchen Cabinets

Kitchen cabinets are one of the most expensive components of a kitchen remodel, accounting for approximately 25% of the total budget. As a result, many homeowners are curious whether cabinet prices will fall in the future. Unfortunately, experts believe that this will not happen before 2023. This is why:

-Supply chain issues

One of the primary reasons why cabinet prices are unlikely to fall in 2023 is due to supply chain issues. The global supply chain has been disrupted since the start of the COVID-19 pandemic, making it difficult for manufacturers to obtain the materials they need to produce products. As a result, many cabinet manufacturers are having difficulty obtaining the wood, hardware, and other materials required to manufacture their products. This increased cost is then passed on to the consumer, resulting in higher prices.

-Concerns about Labor

Labor issues are another reason why cabinet prices are unlikely to fall in 2023. The skilled labor force is currently in short supply, which has caused wages to rise. Because manufacturing cabinets require skilled laborers, the cost of production has risen, resulting in higher consumer prices.

In High Demand

Finally, cabinet demand is at an all-time high. More people are renovating their homes than ever before, and one of the most popular rooms to remodel is the kitchen. Manufacturers have no incentive to lower their prices because there are so many people looking to upgrade their cabinets.

If you’re planning a kitchen remodel in 2023 and hoping to save money on cabinets, you’re unlikely to see any significant price drops. Cabinet prices are rising due to supply chain issues, labor shortages, and high demand. That doesn’t mean you can’t save money on your kitchen remodel in other ways, such as using less expensive materials or going with a simpler, less complex design. As always, do your homework and work with a reputable contractor to ensure you get the most bang for your buck.