The New Target Consumer: Millennials
November 2017
Source: Media Venue
Millennials, a term that we have begun to hear more often, that refers to the age of people born roughly between 1980 and 2000 that has peaked at 93 million people. Baby boomers, born between 1946 and 1964, numbered 78.8 million at their peak and today have 74 million, according to the 2016 U.S. Census Bureau.
The largest single age cohort today in the U.S. is the 26-year-old, who number 4.8 million. People 25, 27, and 24 following close behind. Many of these are on the verge of life-defining moments such as choosing a career, buying a house and having children.
As a whole, the largest demographic bubble they have begun to transform popular culture, retailing, media, and lifestyles. According to Zillow Group, they make up for about 42% of all home buyers and 71% of all first time home buyers. They are also more likely to invest in their home, with 86% of millennial home buyers making at least one improvement to their home in the past year, more than any other generation.
The millennial influence has already begun to shape today’s design trends that focus on key elements such as long-term use, functionality, eco-friendly and cost-effectiveness.
Millennials are more motivated on making sure style, color, and materials used to stay relevant as long as possible. That includes the use of more neutral colors such as whites and greys in finishes such as high gloss and super matte for a beautiful contemporary design that will always be in style. There is also a heavy emphasis on eco-friendly products, making value-engineered wood products a go-to solution because of the versatility of the products along with many options for finish and design type.