From Home Furnishing Business
FastFact: Millennials to Boost Future Furniture Sales
The growth of the 25-to-44-year-olds paired with the decrease in population of the 45-to-54-year-olds will lead to moderate growth as the Millennials begin to spend on furniture.
The projection is derived from demographic trends as seen in projected population growth from the U.S. Department of Commerce and the Census Bureau, current heads of household rates and a recent Consumer Expenditure Survey.
Demographic trends suggest that the furniture industry will increase by $7.7 billion to $97 billion by 2025. Over the next 10 years, Baby Boomers in the 65-plus age group will spend $17.8 billion, with the highest volume increase of $3.1 billion. Those aged 35 to 44 have the highest average income and will likely spend $21.7 billion by 2025, growing more than $2.5 billion in industry sales.
Projected increases in consumer spending over the next 10 years, combined with an inevitable increased housing demand by the Millennials will strengthen the furniture industry.
The complete FastFact can be viewed online.