by In my last column, I cited a study from Clever Real Estate, a St. Louis-based real estate firm that fielded a study that concluded that while home ownership is important to Gen Z, inflation and high home prices have them worried they may never be able to afford a home.
In that column, I said I would try and come up with a few suggestions on how the furniture industry might help young homeowners.
Obviously, we can do little to impact high home prices or inflation, for that matter, but there may be a few things we can highlight to young consumers as they attempt to buy their first home.
- Affordability and Value: Our industry does a great job offering affordable furniture options without compromising on quality. Many young people are on a budget when purchasing their first home, so competitive pricing is crucial. Find a way to tell that story.
- Flexible Financing Options: Provide financing or installment plans that cater to young buyers who may not have substantial savings or credit history. This can make it easier for them to furnish their homes without a large upfront cost.
- Compact and Multifunctional Designs: Smaller spaces are playing a bigger role in the American consumer’s life. Design furniture that is suitable for smaller spaces typically affordable to young homebuyers. Multifunctional pieces (e.g., sofa-beds, storage ottomans) are especially attractive as they maximize space utility.
- Customization and Personalization: When feasible, offer customizable options that allow young buyers to tailor furniture to their tastes and needs. This could include choices in fabrics, colors, sizes, etc.
- Educational Resources: Young prospective homeowners may not know what they don’t know. Provide guides or consultations on furniture selection and placement, especially geared toward first-time homeowners. Many young buyers may lack experience in furnishing a home and would appreciate expert advice.
- Partnerships with Real Estate Agencies or Developers: Collaborate with real estate agencies or property developers to offer furniture packages or discounts as part of home purchase deals. This can incentivize young buyers and simplify the process of furnishing a new home.
- Digital and Online Presence: Enhance the online shopping experience with clear product information, virtual room planning tools and easy ordering processes. Many young buyers prefer to research and shop online, so a robust digital presence is crucial.
- Sustainability and Ethical Practices: Emphasize sustainable practices and materials, as many young consumers prioritize environmental responsibility. This can include using eco-friendly materials, reducing carbon footprint in production and shipping, and promoting ethical labor practices.
- Community Engagement and Support: Engage with local communities by offering workshops, events or partnerships that support young homeowners. This not only builds brand loyalty but also establishes a positive reputation in the community.
- Long-term Relationships: Build relationships beyond the initial sale by offering warranties, maintenance services or loyalty programs. Young buyers value companies that provide ongoing support and value.
By adopting these strategies, the furniture industry can better support young people in their journey toward homeownership, making the process more affordable, convenient and enjoyable.
While I am not naïve enough to still believe in Santa, the Easter Bunny or Customers For Life, perhaps by focusing on the above list of suggestions we can at least secure Customers For Now.
