Millennials’ Favorite Home Décor Store Isn’t Exactly A Home Décor Store

Millennial research, Millennial insight, Millennial marketing, Gen Z research, Gen Z marketing, Gen Z insight, youth research, youth marketing

Since we first asked Millennials where they were buying their furniture in 2015, their preferences have changed. See where they’re shopping now...

When Millennials were dubbed the “Ikea Generation” some 10 years ago, the label stuck for good reason. The majority of the generation was living in dorms or was fresh out of college, settling into impermanent homes. They weren’t looking to make big purchases to hold onto and haul around for the rest of their lives; they were mobile, strapped for cash, and in search of affordable, disposable furniture that paired function with simple form. Enter Ikea, young adults’ one-stop shop for grab-and-go décor. In fact, when we first started tracking Millennials’ home décor habits in 2015, the majority of the generation told us they shopped for furniture at the international mega-retailer. Only Target beat out Ikea for the lead.

But in the three years since, things have changed. Millennials are increasingly settling into more permanent living situations and are looking to furnish their homes accordingly. And that means Millennials are finally beginning to spend big on their homes: a study from Furniture Today found that Millennials have become the largest group of consumers buying furniture and bedding in the U.S. In 2014, the demographic made up 37% of the market, a huge increase compared to the 14% they represented in 2012. And from 2012 to 2014, Millennials’ share of spending on furniture and bedding more than doubled, from $11 billion to $27 billion, making them the core of many retailers’ growth strategies, according to Forbes. But beyond the amount they’re spending on home goods, where they’re spending it has also shifted as trends have changed, online shopping has boomed, and the generation looks to make bigger purchases.

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The Newsfeed

Quote of the Day: “[Animal Crossing Pocket Camp is] free to play, but it's loaded with a lot of content. It's super cute and relaxing.”—Female, 32, IL

PepsiCo needs to think small to compete with indie brands. Their new unit, The Hive, will be “a small entrepreneurial sort of agile group” to foster smaller brands and create new brands based on emerging trends. Unsurprisingly, The Hive is a response to consumers (ahem, Millennials) who are “demanding” healthier products and championing smaller labels. We continue to see big brands adopt startups, and startup thinking, as they navigate today’s competitive landscape. (Fortune)

Millennials and Gen Z are going to “extreme lengths” to share streaming passwords—and major platforms are losing millions. Magid research indicates that 35% of 21-35-year-olds and 42% of those younger than 21 share streaming service passwords, compared to 19% of Gen Xers and 13% of Boomers. One particularly amusing anecdote: the 20-something who uses the HBO Go login of a one-night stand from 2013. Though Netflix and HBO have both said that password sharing isn’t a problem, there’s no denying they are losing out on revenue—Hulu stakeholders estimated a loss of $1.5 billion yearly. (CNBC)

Wikipedia-branded streetwear has sold out. The site teamed up with LA streetwear brand Advisory Board Crystals for a “surprising” collaboration, and the resulting long sleeved tee emblazoned with “Internet Master” and Wikipedia’s puzzle logo was a success. All proceeds from sales were pledged to the Wikipedia Foundation, and the store is planning to restock “to make as large of a contribution as possible.” According to Ypulse Brandoms research, 60% of 13-35-year-olds say logos are back in style. (MashableThe Verge)

Fitbit’s new tracker is about more than just fitness. Though their smartwatch business is growing significantly faster than trackers, the brand “hasn’t given up” on their roots—and their newest model offers a range of features for wellness-focused users. While it, of course, tracks exercise and calorie burning, it also has built-in meditation, sleep tracking, and female health tracking. Since 96% of 18-34-year-olds tell Ypulse that taking care of their mental health is just as important as taking care of physical health, thinking beyond workouts could be a wise move. (Business Insider)

Amazon wants to steal away YouTube creators to bolster their own platform, Twitch. They’re reportedly offering multi-million dollar deals to influencers ranging from Gigi Gorgeous to Will Smith, hoping their large followings will follow them off of YouTube. So far, Twitch has 15 million daily users compared to YouTube’s 1.9 billion but Twitch’s SVP promises “a steady drumbeat of lots of new content.” They’re also reportedly looking to double their ad revenue in the next year, and their foothold on video games like Fortnite is sure to help. (Bloomberg)

Quote of the Day: "I love travel and finding the best deals on airfare. Hopper really helps me do that, in a simple format.”—Female, 22, FL

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