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.