Millennials are completely different than their predecessors, generation X. Unlike their parents, the younger folks don’t like to stay stagnant. Whether it’s with their career, relationships, house, or travel, millennials value adventure, and thrill over stability and tranquility.
This might be the biggest reason why they’re quite minimalistic when it comes to home decor. According to interior designer Tom Dixon, young homeowners are not keen on investing in high-end furniture because of their nomadic lifestyle.
Dixon notes that people are moving around a lot more than they used to a decade ago which is why furniture shoppers opt for pieces that are less costly and more eco-friendly. This way, they can sell off the furniture and recover some of the cost when they are ready to move again.
And it’s not just furniture that they are frugal with. According to Federal Reserve statistics, millennials aren’t as interested in owning a home as the older generation. In fact, they only own 4% of the total real estate in America.
For a generation that rents properties, it makes little sense to spend thousands of dollars on a high-end sofa that will probably end up on the curb when they leave their Brooklyn apartments.
The millennials’ financial stability was already on shaky grounds after the Great Recession of 2008 which hiked up home prices. Now, they’re at the short end of the economic stick once again as another recession looms on the horizon in the wake of a global pandemic.
With many of them still grappling with student loans and credit card debt, the idea of paying a mortgage on a house seems an unlikely goal. In such a case, the idea of purchasing high-end furniture is nothing short of financial suicide for this generation.
But just because millennials own homes or luxury furniture doesn’t mean that they don’t have the money to splurge on things that matter to them. The younger generation is investing more in technology, travel, and wellness instead of making a permanent nest for themselves.
Considering a growing interest in travel and hospitality, it’s the hotels and resorts that are more interested in high-end furniture pieces, but that trend could also change in the post-pandemic world.
It’s difficult to say how the millennials will cope with the changing social environment, but one thing’s for certain: the prospect of buying luxury items in the current economic climate is highly unlikely for the younger generation.