Households and Millennials

Major footprint on global consumption

Millennials are the second largest generation globally in terms of total population. However, they are more lucrative than the largest demographic, Generation Z, due to greater maturity and income potential. As Millennials continue to accrue wealth and experience, they will represent the most influential consumer segment through to 2030.

Millennials are a vital segment for households

Millennials are now more important than ever for households. Many are now reaching late adulthood and thinking of starting a family, thus generating greater interest in real estate and household goods and services. This generation also continues to accrue wealth and overtake older generations in terms of purchasing power.

Specific needs when it comes to housing

More so than any previous generation, Millennials know exactly what they want when it comes to property. Urban locations, close proximity to amenities, good infrastructure, affordable rates, and modular units are major factors in their decision-making. Rentals and apartments are key for this group.

Smart, small appliances

Millennials are major drivers of surging single-person households worldwide. As single dwellers, they want their appliances to reflect their lifestyles. Smaller and non-family sized units appeal, with this group typically preferring design and practicality over size. Smart appliances have a big market among Millennials.

Re-use, recycle and retro

As major drivers behind the circular economy, Millennials appreciate goods that can deliver sustainable solutions. Anything that can be re-used or recycled holds value. Retro durables have also recently proven to be a big hit.