Hardwood Floors August/September 2018

Sustainability & Millennials (Continued)

According to a Forbes article, American 26-Year-Olds May Be Retailers’ Target, But Only One Segment Is Prime: e HENRYs , by Pamela N. Danziger, “ e 26-year-old millennials on the road to a uence, called HENRYs, are the customers whom retailers really need to zoom in on. at would be the 20-25 percent of those 4.8 million 26-year-olds who are at the top of the income distribution, or the 1.2 million earning more than 75-80 percent of their peers.” e article goes on to say, “ ose aged 26 are smack dab in the middle of the millennial generation, ‘the group of 93 million comprises people born roughly between 1980 and 2000.’ By comparison, the baby boomers, born from 1946 to 1964 and numbering 78.8 million at their peak, have now declined to 74 million according to the latest census. Millennials, aged 17-37, are vital to every brand’s future, as they are ‘entering prime spending years as they buy homes

country of origin where our products are sourced and manufactured. Next, consider how frequently you’ve seen headlines or heard references made to the millennial generation. is generation is known as the next frontier for brands who seek to connect with their spending power. According to recent statistics, millennials spent approximately $200 billion in 2017, and studies have revealed their willingness to spend more on “sustainable” brands. According to an op-ed article in the Business of Fashion and the State of Fashion Report by e Business of Fashion (Bof F) and McKinsey, “nearly 90 percent of people surveyed believe they will help create more sustainable products by convincing businesses and governments to change existing practices...and would be willing to boyco a fashion brand if it was not sustainable.” What this

The definition of sustainability has expanded and evolved since the early days of the cradle-to-cradle discussions in the design world as well as the floor covering industry.

means to our oor covering industry is not yet known, but we should certainly be paying a ention. Not only are they our future consumers and homeowners, but they are also our future workforce, employees, and business leaders. Today we have emerging professionals coming into the workforce with multiple degrees, who are determined to live di erently than their parents, and are less motivated by wealth and more motivated by health. Whether they identify as millennials or “HENRYs,” this generation’s biggest challenge is discerning truth in advertising from ction. HENRY stands for high-earners-not-rich-yet and could be the most important customer segment that you’ve probably never heard of.

and make improvements. eir outlays are growing as more of the generation moves into adulthood.’ eir importance will only continue to grow up till about age 50 when their household spending is expected to peak, according to spending wave research conducted by Harry Dent. at means from now until about 2040, millennials will be the key consumer segment driving the U.S. economy.” is May, my daughter, Mary, traveled with a select group of Furman University students who spent three weeks studying “Slow Food Italy” on a small farm in Sora, Italy. She explained that we should seek out food that might take longer to grow, but is cultivated without harmful chemicals, fertilizers,

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