Millennials have gotten a bad rap for their spending habits and less-than-stellar finances.
It looks like the stereotype isn’t true for everybody though and their views on furniture are proof of this.
Inexpensive Taste
According to lighting and interior designer Tom Dixon, millennials aren’t really buying high-end furniture and for good reason.
As Dixon shared, people these days are moving more times than their counterparts in the past, who only moved two to three times in their life.
Instead of spending money on expensive furnishings, millennials are gravitating towards investing their money on more vintage pieces made from natural materials. They’re also more likely to choose cheaper furniture because of how often they move within their lifetimes.
At the end of the day, millennials would find it more economical to spend their money on an affordable couch they won’t feel bad leaving behind when they move instead of an expensive one they’d have to lug with them to their new place.
Not One to Splurge
Another thing preventing millennials from splurging on luxury furniture is their limited financial means. With their generation being hit hard by the effects of the Great Recession, the members of the age group were saddled by stagnating incomes, increasing housing prices, and hefty student debts.
In fact, these hurdles might be the reason why millennials only own a mere 4% of American real estate. As many of them can’t afford to pay the down payment needed to purchase a home, it isn’t that surprising that they aren’t willing to invest thousands of dollars on decorating their rented house or apartment.
What they do invest in, according to Dixon, is technology.
The Present and the Future
So, what does this all mean for the high-end furniture market?
According to Dixon, expensive furniture is more likely to be spotted in places like hotels and restaurants. He observes that these establishments have transformed from technical places into ‘more domestic’ spaces.
The designer compared this change to what he called the WeWork revolution, which saw American offices move from the traditional booth floor plan to a more relaxed interior design scheme.
He also predicts that the coronavirus pandemic would also cause changes in the kind of features offices would need as employers prioritize the safety of their workers. Dixon anticipates a need for one-way entry and exit systems as well as special door handles in the near future.
