Home Industry Growth Driven by Millennials and Baby Boomers Entering New Life Stages, Reports NPD
Port Washington, New York (PRWEB) February 29, 2016 -- The home-related categories and consumer segments that drove the most growth in 2015 all point to an evolution toward more lifestyle based purchase decisions, and show less emphasis on newness and innovation, according to global information company The NPD Group.
“The two largest generations are entering new life stages, and the focus they both have on the basics of their new lifestyles is having a tangible effect on the home industry,” said Lora Morsovillo, president of NPD’s home division. “The Millennials are starting homes of their own and Boomers are creating a new type of home for themselves as they become empty-nesters and enter retirement.”
Consumers between the ages of 25 and 34, members of the Millennial generation, contributed 61 percent of small appliance dollar sales gains in 2015*. Older generations, specifically consumers 55 and up, accounted for 61 percent of the dollar gains in non-electric housewares categories last year, and 66 percent of the home textiles growth*.
Sales of small appliances, non-electric housewares, and home textiles each grew 2 percent in 2015, compared to 2014, reaching a combined total of $50.9 billion*. Within each of these industries, the categories that contributed the most dollar growth demonstrated the consumer emphasis on fundamental needs, rather than the aspirational trend of recent years.
"When it comes to the essentials, personal health and wellness are high on the list and they apply to each of the home categories that drove the most growth in 2015, from cooking and cleaning to sleeping and hydrating on-the-go,” added Morsovillo. “Millennials, as a group, have a higher level of awareness into their personal well-being than recent generations, and Boomers are becoming more mindful as they age. At this moment, in order to appeal to these key consumer segments marketers of home-related products need to keep the basics in mind.”
*Source: The NPD Group, Inc. / Consumer Tracking Service
Janine Marshall, The NPD Group, http://www.npd.com, +1 (516) 625-2356, [email protected]
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