Millennials are the next generation of home owners. The millennial generation, numbering 75.4 million people and aged 21-37 years, are in the sweet spot for first time home buying. And over the next five-to-ten years, many will be ready to trade up to their second or third home. These are the new customers that designers and to-the-trade marketers must capture.
A recent study about home ownership conducted by Bank of America found that one in four prospective buyers plan to make a home purchase over the next two years and among those prospective millennial home buyers, 68% see this first purchase as a stepping stone to their ideal home in the future.
Looking across that huge millennial generation, those with higher incomes and higher lifetime earning potential are the best prospects for higher-end home furnishings retailers, marketers and interior designers.
Called HENRYs (high-earners-not-rich-yet), these affluent millennials are the new customers critical to attract to grow home-related businesses in the future.
But these HENRY millennials have different ideas of what a home should be and how they want to live. What worked selling to and designing for previous generations (GenX and Baby Boomers) is not going to work for millennial HENRYs. You’ve got to market your higher-end products and services in a brand new style.
Unity Marketing has prepared a 25+ page trend report that identifies 10 design trends to capture the attention, imagination and spending of this next generation affluent consumer. Based upon in-depth research, it provides inspiration for retailers, marketers and designers to help them understand the nuances of this next generation consumer and how to appeal to their new sensibilities and preferences in home.