“As a result of the recession, Millennials delayed major steps in their lives,” said Epperson, “including further education, marriage, childbearing and establishing their own homes independent of their parents. Now, they need someplace to sit, sleep, and dine, and they are out there shopping for unique signature pieces that reflect their individual tastes. This is a great opportunity for retailers to offer something different for them. With 1400 showrooms, and only 300 of those with high quantity purchasing requirements, Market provides an enormous array of innovative vendors to explore!”
According to HOM’s Johansen, who spent a week at Market accompanied by eleven colleagues, “Trends that resonate with the Millennials include transitional, mid-century to modern and a vintage/reclaimed style. The traditional looks are becoming more simple, with fewer over the top features, and they’re taking on lighter finishes than in the past. We show a vast assortment of product, so we aren’t focusing on just one or two trending lifestyles. Market gives us the opportunity to visit vendors that span all the major trends.”
While the Millennials’ demand for home furnishings gives the industry a new boost, Baby Boomers still represent a major opportunity. Fitting their homes with livable products that offer enhanced safety and convenience, they could spend as much as $7.9 trillion in the coming years.