These children of Baby Boomers arrive with significant furniture needs. “Many millennials are coming from the rental market, and want and need more and nicer furniture for their new homes,” says Smith.
Savvy retailers are finding success by thinking like their young customers. “With millennials, we’re competing for our share of their spendable income,” says George Perry, president of Sherwood House Furniture, in Danville, VA. “It often comes down to what’s more important, getting a new mattress or upgrading their phone. Accents and accessories are popular with this consumer, as is the reclaimed look. They don’t want what their parents had. I think that’s why we’ve seen repurposed styles become so popular.”
“We get a high market share of younger customers,” says Dave Cavitt, president of the seven-store Furniture Enterprises of Alaska. “We appeal to them by using younger on-air talent in our TV and radio spots, and showing entry-level price points.” Cavitt’s marketing plan also includes online advertising such as Google AdWords.
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Stacy Furniture & Design uses digital media to reach younger shoppers, says president Dorian Stacy Sims. “It’s the easiest, most cost-effective way to target them,” she explains. The Grapevine, Texas-retailer also has a specific merchandising strategy for the demographic. “We continue to experiment and try different looks with cleaner lines and more color, in a range of price points – our Millennial customers have a wide range of budgets.”