In 2018, the last of the millennial generation will be reaching their mid-20s. This generation possesses characteristics distinct from Baby Boomers and Generation X, having grown up in a digital-first world. However, millennials face a sea of challenges as they step into adulthood. This report explores the opportunities that home and garden retailers and manufacturers can tap into to win the hearts and wallets of the most connected and educated generation in history.
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Millennials are having smaller families and opting for smaller houses, and this will shape their tastes and demand across home and garden products. Millennials around the world are also finding it difficult to finance their first homes, often troubled by high youth unemployment, student debt burdens, supporting ageing parents, and rising costs of living. This has led to the rise of “generation rent” or “boomerang kids”.
Time poverty is a defining trait of millennials worldwide, and the biggest challenge that comes with serving millennials is the rise of the DIFM (or Do-It-For-Me) movement. The DIFM consumer often lacks experience and time, hence products have to demand minimal time, minimal skill and minimal attention from them.
Many millennials have considerably less household knowledge and skills than previous generations. In times of difficulty, millennials’ first port of call is the internet, where they will be looking for guidance and education, even for the simplest of tasks. The second is their parents or grandparents.
Social media, internet retailing and ventures into growing experiential industries, such as consumer foodservice and travel, present retailers and manufacturers with opportunities to connect creatively with millennials beyond traditional showrooms or media advertising methods.
Millennials are digital natives, and embrace the blurring of lines between online and offline worlds. Their tech-savviness allows them easily to keep up with the ever growing sophistication of technologies such as AR and smart homes.