"Today the millennial cohort is out-earning any previous generation at a comparable age, largely due to this generation being more highly educated than any other. And they are finally putting that greater spending power toward an investment in homes, reports Forbes."
"At the end of 2018, millennials overtook Gen Xers as the largest generation in the mortgage market, representing 45% of all new mortgages compared with 36% for Gen X and 17% for baby boomers. In addition, they have taken on larger mortgages than any previous generation as well."
"The purchase of a new home sets up a buying frenzy for all the stuff to furnish and decorate that home."
"Trade credit insurance firm Atradius estimates that 90% of customers start their furniture shopping online and many tend to stay there. E‑commerce’s share of the consumer durables sales, which includes appliances, furniture and electronics, is expected to account for about 20% of the industry’s total over the next five or so years. In 2017 an estimated 13% of consumer durable sales were made online."
"A minimalist design approach appeals to today’s customers who have been influenced by Marie Kondo’s Konmari 'Tidy your space, transform your life' philosophy."
"For both Cheryl Eisen (founder and CEO of Interior Marketing Group) and Alessandra Wood (VP of Style at Modsy)'s clients, the new minimalism finds expression in mid-century modern design. It is the top design choice in Modsy’s survey, voted by 42% of its customers as a look they love."
"With new ideas about how people relate to their space and with an emphasis on the architectural elements of the room, Eisen sees the walls as taking on more importance. She sees the minimalist trend expressing itself on the walls through fewer gallery walls with a jumble of smaller individual pieces in favor of singular, oversized statement pieces that pop."
"Interestingly, Modsy’s Wood reports that the terms 'Chair' and 'Art' are number one and number two on the list of most popular search terms for its customers."
"Consumers’ rising environmental consciousness is placing an emphasis on sustainable, organic fabrication and materials, including recycled and repurposed elements."
"With consumers’ interest turning to sustainability, it translates into a demand for more natural colors and textures. Eisen sees the color palette turning away from cool tones to more warm tones in paint and fabrics. She also sees growing interest in subtly textured wall coverings, like grasscloth wallpaper, as well as more texture provided by natural woods, boucle, boiled wool, canvas, mohair and sisal fabrications."
"The Au Naturale trend is also measured in Modsy’s database with the term 'Plant' being the fifth most popular search term. But, ironically, it is 'not necessarily having live plants,' Wood says."
"People want the green feel and texture of plants without the maintenance worries. Artificial plants give it to them. 'The millennials are huge travelers and don’t want to worry about watering them or having a space without great lighting. Artificial plants always look perfect and have that feel of foliage.'”
For Modsy’s clients, comfort is king. 'We are asked all the time to design 'comfy spaces,’ Wood says. 'People want their spaces to feel comfortable. They want their homes to be put together and look well designed, but they want to use them. People are spending more time in their homes. Instead of going to movies, people are streaming movies and they are entertaining more at home. So people are asking for their homes to be comfortable, visual and functional.”
According to AudienceSCAN, Home Furnishing Shoppers are inspired by many types of advertisements. They're 70% more likely than others to find advertisements on their mobile apps useful and 48% more likely to find ads on social media useful.
AudienceSCAN data is available for your applications and dashboards through the SalesFuel API. In addition, AdMall contains industry profiles on furniture stores and art supply/framing shops, as well as lead lists at the local level. Media companies, sales reps and agencies can access this data with a subscription to AdMall from SalesFuel.