Oct 26 2017
When Pottery Barn had a weak first quarter this year, they blamed Millennials. The brand reported a 1.4% sales decline, falling for the fourth quarter in a row. According to the Los Angeles Times, young consumers’ pint-sized apartments aren’t made to fit elaborate dining sets, and Pottery Barn’s rustic-chic charm isn’t clicking with young shoppers who think it’s “expensive, too predictable, and not for them.” Not to mention the furniture business is getting increasingly competitive, with T.J. Maxx and Amazon making aggressive pushes into the space. One piece of Pottery Barn’s strategy to attract a younger demo: adding more “candy” (small, impulse purchase items) to their stores.
It’s clear that Millennials’ delayed home ownership—and their resistance to accumulating belongings the same way that Boomers did—is taking its toll on unprepared brands. But while they might not have full houses to decorate just yet, the majority of Millennials do have their own homes. According to Ypulse’s research, only 30% of Millennials say they are living at home with their parents or other relatives, while 70% are living on their own, with friends, or with partners/spouses—in other words, in their own spaces they need to fill with furniture and belongings. At the same time, home ownership is in their future, with 74% of 18-34-year-olds telling Ypulse that owning a home is part of their ideal life. Brands that want to appeal to these future home-owners need to start keeping tabs on their preferences (like Less is More minimalism) now. So how and where do Millennials currently prefer to shop for their home furnishings? We’re breaking it down in today’s Infographic Snapshot:
Ypulse Gold subscribers can download a pdf of this infographic, along with the full data file from the survey here!
To download the PDF version of this insight article, click here.
Who should we send this Article to?
Do you have questions of your own on this topic?