How can retailers profit? Here are my 5 top suggestions for the types of products you should source for the 50+ buyer:
1. Make it Custom
Boomers want, will pay, and will wait for customized, high quality investment pieces that work precisely for their wants and needs. Seek products that allow for high levels of customization. Boomers still want to spend wisely not only for products that last, but products that could be handed down to their children and grandchildren.
2. Think Multifunctional
Since many 50+ adults are in, or will be in, life transition, seek out multi-purpose, multi-functional furniture that can travel from one home to another or can be used for multiple tasks. Think buffets that can also be used for a home office, or a writing desk that could convert to a sofa table or an entry piece.
3. Keep it Chic
Seek furniture and accessories that are chic, glamorous, and exude understated luxury. Look for pieces incorporating beautiful crystal or metal hardware, unusual finishes like verre eglomise mirrors (glass gilded), and beautifully designed dimmable lighting.
4. Comfy Cushions Count
Cushions. Look for manufacturers that offer a variety of cushion upgrades. Your ability as a retailer to offer a customized, personalized luxury seating experience, based on cushion comfort, is important to the boomer buyer.
5. More Arms = More Sales
Arm Styles. Look for upholstery vendors offering a variety of arm styles, so when your boomer customer finds a sofa style they like, they will also be able to find an arm style and height, customized for them, that works for their needs and those of their family members and guests.
One final thought: Boomers often do not know where they will live, or who will be living with them as multi-generational housing continues to be on the rise. Conversations that explain how well-scaled furniture pieces can meet their present and future needs, increase the sale factor when Boomers’ future plans may still be indefinite. Buy with flexibility and quality in mind, and reap great profits for years to come.