A group comprising approximately 80 million Americans born between the early 1980s and the mid-1990s, the millennial generation represents a large market of consumers who spend approximately $600 billion each year. While a fair amount of that annual spending goes toward high-tech gadgets, many millennials are moving into their own homes and apartments and shelling out a portion of their earnings to furnish them.
As members of this generation enter and advance into adulthood, furniture sellers have an opportunity to profit from their buying power. They can only do this, however, if they know how to attract millennials using the right marketing techniques and product offerings.
Don’t Underestimate the Power of Online Marketing
The majority of today’s consumers rely on the Internet to shop for and research products. Of course, millennials are no different. To reach this segment of the buying public, business owners are most successful using a marketing strategy that makes effective use of mobile and social media platforms.
Many millennials are attached to their devices and use them daily to engage with friends, family, and businesses. Because of this, furniture sellers who maintain a mobile-friendly website and promote their brand on Facebook and Twitter will have a better chance of connecting with the millennial consumer. To be most effective, sellers should favor a strategic personalized approach over the in-your-face advertising that millennials tend not to appreciate.
Make Room for Tech-Friendly Products
As mentioned, millennials love their gadgets. Whether it’s a laptop, tablet, or the latest iPhone, many members of the generation would have a hard time getting through the day without connecting to an electronic device.
Desks with cable-management systems and similar tech-friendly features are likely to be a big hit with millennial shoppers. Home entertainment stands that reduce clutter and provide space for much-loved media and entertainment technology are also among the items that many modern consumers feel they can’t live without. Furniture sellers who offer products for the digital age and all the techy tools that come with it shouldn’t have any difficulty finding someone willing to buy them.
Keep the Look Modern
According to recent shopping trends, younger consumers do not value antique or old-style furniture in the way that previous generations have. Many millennials are nostalgic and favor vintage products, but this apparently does not translate to furniture.
The trend away from antique pieces may be the result of millennial spending habits, which sometimes prioritize necessity over luxury. Regardless of the reason, traditional furniture is not popular among the generation, so furniture sellers should probably make more room for modern and contemporary utilitarian pieces if they want to earn the dollars of this consumer group.
Offer Affordable and Durable Standalone Pieces
As a generation that values mobility, millennials enjoy traveling and having the freedom to relocate to find new opportunities and adventures. The generation is also more likely than their parents were to compromise space for the ability to be close to the action in urban centers. These trends have an effect on millennials’ furniture preferences.
Although many value durable pieces that can stand up to a move or two, they want those pieces to come at an affordable price. Offering furniture that is budget-friendly but also of superior quality is a good idea for those looking to tap into the millennial market. It’s also important for furniture sellers to remember that many millennials are living in limited spaces that don’t have room for bedroom sets or sectional sofas. Single pieces that can be mixed, matched, and rearranged for different spaces are bigger sellers among younger shoppers.
Consider Offering Eco-Friendly Options
In addition to being the largest generation in US history, millennials are also one of the most environmentally conscious. As much as 70 percent of the generation has said that a product’s environmental impact plays a role in whether or not they purchase it. Offering pieces that feature eco-friendly materials or that come from suppliers committed to sustainability may help bring more millennials into a furniture store.
Focus on In-Store Sales
Despite many millennials’ love of the virtual world, the generation still likes to shop in brick-and-mortar stores. A report from Home Furnishings News (HFN), which tracks trends in the industry, found that over 60 percent of millennials’ interior furnishing purchases were made in-store. Other reports have shown that as many as seven out of 10 members of the generation browse products in brick-and-mortar locations before making a purchase.
Ensuring that millennials and all other customers have a great in-store experience should be a top priority for every furniture seller. Having the ability to touch, feel, and see the product in person is particularly important when purchasing furniture and other items that play an important role in the home. Furniture can also involve a bit of an investment that many customers won’t want to make without actually seeing the item beforehand.