Décor has always been traditionally construed from the perspective of middle-aged, safely employed and well settled individuals, who have the ‘spending power’ to influence major retail and rental purchasing decisions. Millennials however, charter their own course. Typically defined as individuals born between 1980 and 2000, this is a generation that is now entering their peak spending power, setting up homes and majorly influencing retail decisions based on the lifestyle they live. They comprise a major chunk of the adult population, and will contribute $1.4 trillion in expenditure and account for 30% of total retail sales as per a report in Forbes by Beth Ann Bovino, Standard & Poor’s Chief Economist. Frugal habits, an increasingly mobile lifestyle and small living spaces are changing the way they buy or rent furniture. Below are ten characteristics that define a millennial’s lifestyle, Buy Smaller Spaces – Millennials buy small living spaces according to their budgets, and this is constantly reiterated by real estate buying patterns. They therefore purchase less furniture or are increasingly opting for renting them out for their duration of stay. Space constraints or the increased investment on travel and experiences are guiding this decision Mix Styles – They don’t follow a style of décor, but mix trends and use instinct to guide them. Therefore old and the new, contemporary and classic, traditional and modern are mixed together to create eclectic, ‘bespoke’ styles. Seek value proposition and price justification – They look for the utilitarian value rather than looks, spend less on furniture and instead use money on experiences. They prefer multi-functional furniture and keep a tight rein on what they purchase. Prefer reclaimed styles – Since looks are what they focus upon, an ‘Industrial Look’ is a big buy. Authenticity and pedigree aren’t favoured. Metals, rustic and reclaimed wood, exposed brick walls and metal accents are what reference their décor style. Seek individuality – Millennials wish to stand out from the crowd, and make purchases accordingly. Vintage furniture or rustic and unfinished pieces are a favorite because of budgetary constraints and non-conformity. Acknowledge importance of sustainability – Being environmentally conscious, millennials appreciate products that are ethically and sustainably sourced and used. They prefer as little impact on the environment as possible. Prefer furniture that is tech-enabled – Since technology is such a huge part of their lives, this Mckinsey report says millennials prefer tech-connected products, including motion-sensor lighting, in-built music systems and built-in tech in their furniture Neutrally toned furniture – Grey, beige, white, black are some colors they prefer. Bold pops of color on accent walls and colourful wallpapers are commonly used by them as décor highlights. Personalised furniture and décor – Because budget is a huge constraint, millennials don’t spend much on brands, instead re-using products, making their own furniture or customising found furniture. Comfortably chic- Because they are so conservative in furniture, they buy large furniture that can serve different purposes or accommodate many people. A large bed for the family, large sofas for friends, bigger tables and more hidden storage are some of their buys. Millennials are fast deciding consumer buying patterns worldwide, and retailers have to follow suit in knowing what potential consumers seek and want to buy.

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