Deep Dive 18 minutes Premium

Millennials and Furniture in the US and the UK – Ten Characteristics That Define the Market

Executive Summary

  • Since millennials range in age from 16 to 36, they constitute a consumer segment that is of growing value in most markets. These consumers are entering their peak spending years and are establishing family homes.
  • Currently, millennials in the US and the UK spend less on furniture than older generations, largely because they have lower incomes and household formation levels, as well as a propensity to live in smaller urban dwellings.
  • Millennials mainly prioritize furniture items that make their lives easier and more enjoyable, and only make useful purchases that represent good value.
  • Millennials are attracted by furniture products with embedded technology as well as customized products that are unique.

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