HomeWorld Business was an early adopter in identifying the unique marketing challenge and opportunity for housewares that is the Millennial generation.
HomeWorld surveyed Millennials, conducted focus groups of Millennials and moderated industry roundtables about Millennials long before the uniquely demanding generation became mainstream news. (Thanks to the marketing consultancy and researcher now known as AIMsights, a pioneer in Millennial insights, for partnering with HomeWorld on much of that early and ongoing Millennial examination.)
HomeWorld will continue at the forefront of covering the Millennial generation as it moves deeper into its prime housewares consumption years. HomeWorld’s forthcoming Top 100 Housewares Retailers issue will showcase the fifth annual Millennials Report, presented by Sensio’s Bella small appliance brand.
Five years can make a world of difference in what people believe and how they behave. It will be interesting to see if Millennials, so staunch now in their aversion to the shopping rituals of their predecessors, discover a bigger appetite for discretionary belongings once they are free of college debt, settled into their own homes and families and more firmly grounded on a career path.
It stands to reason that Millennials will continue to command the fixation of marketers and merchandisers grappling to loosen the purse strings of this disruptive generation. The singular pursuit of a ripe demographic group as abundant as Millennials tempts with the reward of a solid share of the segment’s growing wallet.
Narrowing the marketing scope onto a single target, however, risks leaving companies vulnerable to initiatives that don’t immediately hit the bulls-eye.
With that in mind, HomeWorld presents its annual Generational Marketing Report in the August 28, 2017, edition. This year’s report examines the irrepressible buying power of Baby Boomers and the emerging influence of Generation Z— two developments that should not be ignored while courting Millennials.
Baby Boomers, largely responsible for driving the type of accumulative consumption rejected by Millennials, have plenty of gas left in the tank. With Boomers collectively set to inherit billions, working longer and/or mapping out active retirements, this group remains a vast, highly liquid pool for housewares marketers and retailers.
Meanwhile, just when you think you might have Millennials figured out, the first wave of Generation Z— starting by some definitions as early as 1995 births— is coming of spending age. Expected to be considerably larger than any generation before it, Gen Z could turn everything we’ve learned about marketing to Boomers, Gen Xers and Millennials on its head.
It’s not too early to identify the challenges and opportunities presented by the next generation of consumers. Setting your sights wider in today’s fiercely competitive environment could make a world of difference.