Marketing to Millennials [INFOGRAPHIC]
We’ve approached this topic in previous posts, that of marketing home furnishings and design services to millennials but, with additional research available on an almost weekly basis, it’s a topic we may be able to explore for quite some time.“Why would we want to?” you may ask.That’s easy… Now larger than the “Baby Boomer” generation, millennials have become the fastest-growing, most diverse consumer demographic in the US – quickly on their way to becoming the largest market for home furnishings and interior design services in the marketplace.For proof, take a look at this infographic on millennials as a market force, borrowed from MicroDInc.com:
If you're not impressed with these numbers, perhaps some impressions from another study of millennials will impress the importance of this demographic on your marketing efforts.Millennials in the Marketing SpotlightMillennials are migrating to areas where job opportunities are concentrated. Embracing a diverse urban lifestyle, they are also directly affecting the revitalization of long-dormant urban areas in Detroit, downtown Los Angeles, Brooklyn, downtown Houston, and Uptown Dallas, as well as the rapid urbanization of smaller and less dense metropolitan areas like Austin and Nashville.As a result of this trend toward urban living, millennials are creating challenges and opportunities for owners and occupiers of commercial real estate, including investors, landlords, and tenants, as well as the home furnishing and design markets in these areas.Known as “urban-burbs”, both urban and suburban communities are being reshaped by this dynamic demographic as they seek to transform their communities, with walkable amenities, efficient and accessible transit, high connectivity, city-center conveniences, and sustainable lifestyle choices, combined with lower-rise density living and improved affordability.For the home furnishing and design industries, understanding and marketing to the wants and needs of millennials will be ever more critical in the future, as this demographic continues to grow – in both sheer numbers and buying power.Looking for more interior design marketing tips? Get in touch with TD Fall today.