If you're a retailer or an interior designer, the current housing shortage poses an opportunity to zero in on your target customers as various market research studies indicate that this housing boom is perpetuating and is hardly slowing down in many parts of the country. Consider these lifestyle shifts in terms of their furniture styles and buying preferences as they decide to upgrade or downgrade their living spaces' square footage.
In this blog, I will try to shed some light on this topic by exploring Boomers vs. Millennials' mindsets when it comes to interior decorating their homes. While many Boomers are working longer, an increasing number are going into retirement and considering to trade their single-family homes to smaller spaces or senior housing. On the other hand, the oldest Millennials are starting to nest into suburban homes, while the younger ones may prefer to roost in studio or apartment spaces within a bustling urban environment.
As a result of the lifestyle changes experienced by both demographics, there are some apparent similarities than differences that give away telltale sign of the times:
- Both align with Wellness, the prevailing practice for consumers to emulate in this decade. This is manifested by creating a cozy atmosphere inspired by Hygge concept in their homes, while applying Lagom; Goldilocks' "just right" reasoning for clean lines and decluttering their spaces, to buying or restoring furniture pieces with Wabi-Sabi in mind; focusing on unique imperfections like live-edge or using salvaged materials for one-of-a-kind look.
- Retro Style furniture that's fun and classy. Yearning for authenticity, Millennials and Boomers make their decor personal with pieces that define their own values, styles and tastes. The ongoing trend in period-inspired items represents a style that's desirable across a broad range of generations.
So what's a retailer to do?
As the retail landscape is changing due to latest shoppers' behaviors like ordering online, that's also propelled by the influx of Millennials influencing lifestyle changes and fashion trends, some basic ideas could easily be but into practice:
-Be visually attractive to your target market. Boredom is the #1 enemy of retail stores. Update your stock and inventory fast enough to meet their demands.
-Create a basic website so you could be found easily online, and claim your business through Google or other major search engines.
-Use Social Media that works for you! It's free and a great way to reach out to all generations.
-Give the best possible experience to all shoppers and customers, after all a wise person said "people buy from people they trust, and they trust people they like."
Happy Holidays to you! Let us know if the current retail climate affects your business, feel free to add comments below.