“Character” is the key that opens the door to the Millennial home. Millennials, the generation who are now 10 to 29 years old, are sophisticated and do not skimp on the details. They look for quality and architectural details when buying or renting a home. A home that tells a story is ideal to Millennials. Whether that is an older home, a home that is environmentally friendly, or one that is technologically advanced, “character” is key.
Albing International Marketing (AIM) announces the first comprehensive study on the Millennial generation and their homes, MILLENIALS At HOME. With over $350 Billion in spending power, 80 million Millennials are rapidly becoming the next generation of home furnishing consumers.
With their desire for “character” Millennials are attracted to vintage home styles – bungalows, row homes, pre-War buildings. They believe that older homes and buildings represent better quality features such as plaster walls, solid wood doors and porcelain bath fixtures. Even when buying newer homes Millennials make it a priority to add value in classic, quality enhancements such as handcrafted woodwork, granite countertops, and hardwood floors. According to AIM President Robing Albing, “Millennials are more traditional than you might think. We found that they reinterpret traditional values in their own way, for their own times and that is reflected in their homes.”
The surveys, focus groups, and in-depth interviews that AIM conducted for the study revealed:
- 56% of Millennials prefer traditional design style for the home. Their idea of traditional is more casual than formal.
- 60% of Millennials believe that they will live in “new” suburbia. Not the cookie cutter homes that they grew up in, but a more idealized version of suburbia.
- Millennials consistently mention unique architectural details and customized landscaping when describing their dream homes. They appreciate handcrafted items, believing that they add more character and value to a home.
To understand how the Millennials live and what they will need or want to furnish their homes you must first understand the Millennial generation and what motivates them. MILLENNIALS At HOME discovered that as a generation Millennials are technophiles, sophisticates, team players, community servers, soloists, ordered, close with parents, and traditionalists. These characteristics of the generation relate closely to their preferences in home furnishings. For further information about the study contact Albing International Marketing (www.albing.com).
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