Originally published in the June 22, July 13 and August 2, 2015 print issues of Furniture Today
Millennials comprised 37% of all households buying furniture and bedding in 2014, the largest share of any generation. In total dollars, Millennials spent $27 billion, according to Furniture/Today's 2015 Consumer Buying Trends Survey. The demographic generation sandwiched between the Baby Boomers and the Millennials is Generation X. They're between the ages of 35 and 50 and are 66.2 million strong, per Census figures. That's 12% smaller than Millennials, who currently have 74.3 million adult members between 18 and 34 and 9% smaller than Boomers, who are 72 million in number and range between the ages of 51 and 69. Because of its smaller size, some marketers discount or ignore Generation X. That's a missed opportunity as this group has distinct needs and wants for their home and represents a significant amount of buying power. Generation X accounted for 30% of all households buying furniture and bedding in 2014 and represented one-third of the furniture dollars, spending a total of $31.8 billion, according to Furniture/Today's 2015 Consumer Buying Trends survey. Their furniture buying increased 43% between 2012 and 2014. While today's marketing buzz has been centered on the Boomers?? children, the Millennials, it's important to note the Boomer generation still yields a tremendous amount of product buying power.
Three out of 10 U.S. adults belong to the Baby Boomer generation. This year there are 72 million Boomers, ages 51 to 69, according to the latest figures from the U.S. Census Bureau. All told, Baby Boomers spent nearly $35 billion on furniture and mattresses last year, per Furniture/ Today's 2015 Consumer Buying Trends Survey. In this exclusive report, Furniture/Today presents the most detailed information available on generational consumer furniture shopping and buying plans, highlighting the Millennials, Generation X and the Baby Boomers. The consumer data originates from the responses of 2,500 U.S. households to an online survey conducted in December 2014. On a product-by-product basis, U.S. households told Furniture/Today what furniture they shopped for last year, what they actually purchased, how much they spent and what types of furniture they plan to buy in 2015. Because of the sample size and a respondent profile closely matching the demographics of all U.S. households, survey data can be projected nationally with a margin of error of plus/minus 2%.
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