The millennial generation (persons reaching young adulthood around the year 2000) is making a major impact on households, with a strong preference for energy efficiency, renewable consumption, smart-home technology, comfortable surroundings, and casual spaces. They have seen the ratings, read the comments, and they know what brings value and what does not. The newly released Households and Millennials Strategy Briefing will focus on the main trends between millennials and households.
Major footprint on global consumption
Millennials are the second largest generation globally in terms of total population. However, they are more lucrative than the largest demographic, Generation Z, due to greater maturity and income potential. As millennials continue to accrue wealth and experience, they will represent the most influential consumer segment through to 2030.
Specific needs when it comes to housing
More so than any previous generation, millennials know exactly what they want when it comes to property. Urban locations, close proximity to amenities, good infrastructure, affordable rates, and modular units are major factors in their decision-making. Rentals and apartments are key for this group.
Re-use, recycle and retro
As major drivers behind the circular economy, millennials appreciate goods that can deliver sustainable solutions. Anything that can be re-used or recycled holds value. Retro durables have also recently proven to be a big hit.