From world explorers to home decorators, older millennials are changing it up.
You blinked and suddenly Millennials grew up—older Millennials are now 25-36 and their spending habits are changing. The classification of the footloose and fancy-free Millennials spending all their spare change on Starbucks and concert tickets is going away. Now you’re just as likely to see Millennials driving an SUV, buying their first home or out with their baby (and maybe all three!).
And, as Millennials mature their spending habits are changing. Namely moving from spending money on experiences to spending money on their homes. In fact, a recent Wall Street Journal article cited True Green’s top new prospect: The 26 year old. This group is the single biggest age cohort in the US and, at 26, are coming into their own in regard to earning potential.
What does this mean for gift shop owners?
The good news is, you can probably target Millenials without making many changes to your current product mix. Millenials are looking for pictures, pillows, throws and florals to make their houses feel like home.
Often, we’re hearing this group is leaning towards simpler items with a more modern or streamlined look. However, we’re also seeing a rise in romantic florals – in fact we blogged about couch florals in July.
Outside of product mix, you can appeal to millennials through other methods. Consider offering classes for the home (aligned to True Green’s Home 101 courses that include plant watering basics). Some ideas to get you started: How to Hang Pictures (hint: find a stud), Painting Basics and Guests Rooms 101.
Through these classes you can offer real, and valuable tips and tricks to new home owners while incorporating your products into solutions they need. Need pictures to hang? Need something to put on that coffee table? Pillows or a throw in the guest room?
You’ve probably got a majority of what these young homeowners need, but it might need to be organized a bit differently or called out so they can find it. Consider creating “Home Handouts” or reorganizing your product by category “The Guest Room”, “The Study”, “The Entryway”.
However you do it, appealing to the older Millennial—including those in their magical 26th year—who are buying their first home, can be a smart business decision.
Do you agree that as Millennials age they are starting to trade spending on experiences for spending on things (and homes)? If so, how do you set your store to appeal to them? Share with us in the comments below.