The oldest of the Millennial Generation has just turned 41. This group, contrary to popular belief, is not debt ridden, unemployed and feeling entitled. The Wall Street Journal found that Millennials have fewer credit cards than the national average and the debt on cards that Millennials do have is 40% less than the national average. Another Millennial misnomer is that they don't want to own a home. According to the National Association of Realtors, Millennials now account for 43% of all homebuyers.
By 2025 Millennials will represent 75% of working–age Americans. Millennials are the future market kitchen and bath showrooms, and their definition of luxury has less to do with conspicuous consumption than the quality of experience a product delivers. Millennials are redefining dining by championing farm-to-table restaurants and would rather take an experiential vacation than buy a car.
The reason why Millennials are such as attractive market to kitchen and bath showrooms is the ability of showrooms to deliver customer and usage experiences that are not available from other sources. Millennials don't care about brand names. They are not going to be influenced by brands dictating what they should buy. They want and expect brands to be part of the life, to engage is meaningful conversations and to be involved in numerous touch points.
Millennials view value different than their parents. They want brands to understand their needs and desires. To capture the hearts and wallets of the largest generation in U.S. history, showrooms need to focus on the health benefits of steam ovens, touchless faucets, microbial resistant countertops and other products that contribute to a healthier lifestyle. Showrooms can emphasize the physiological and psychological benefits of create a refuge in their own home where they can take time just for themselves to rejuvenate and relax in their dream kitchen or spa-inspired master bath.
There is an untapped opportunity for showrooms to craft messages that tug at Millennial heartstrings. Not only will this enable kitchen and bath showrooms to stay relevant, but it will also enable them to thrive.