Millennials represent a major force of change in the furniture industry.
Driven by instant gratification and accustomed to product customization, they place a premium on authenticity, self-expression and personalization. For furniture makers, an expanded customization offering translates into?new business challenges?and?made-to-order manufacturing?requirements.?To better manage?complexity and a rapidly expanding number of variants, furniture manufacturers can adopt an end-to-end MTO process.??
Born between 1981 and 1996 as defined by Pew research, millennials account for approximately a quarter of the world’s population. Currently the most populous generation, their combined purchasing power worldwide is set to reach $1.4 trillion according to projections by consulting firm Accenture. This makes them the largest furniture-buying consumer demographic today.?
Although creating a home interior that reflects personality and personal tastes is a common desire among furniture buyers of all ages, millennials are unique in the extent of their desire for?self-expression. They have spent years building their personal brand on social media, and when?choosing home furnishings, they look for pieces that?reflect?their?unique style.??
Millennials are?driving the?furniture industry’s?widespread?customization trend,?influencing?older?age?demographics?in the process.?In addition to the implied business challenges?of customization?offers,?furniture makers should?be advised?that millennials?aren’t?willing to wait long for new furniture?deliveries?or compromise at all on their exacting quality standards.??
Today’s?furniture?marketplace is turning millennial?
For this generation, currently the largest furniture-buying consumer demographic, furniture customization is a must-have rather than a nice-to-have.?Older generations are following their lead. Demand?for furniture personalization?is?increasing around the world, and among all age groups.??
So who?are the?millennials??
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Born between 1981 and 1996?
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A quarter of the world’s population?
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First generation of digital natives?
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Only 6.5% are brand loyal?
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Express their personal style?
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Want instant results?
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$1.4 trillion combined global spending power?
For many industry experts, millennials are the?most demanding customers of our time. Fortunately,?satisfying demand for customized furniture?doesn’t?mean sacrificing production efficiency, speed and profitability.?End-to-end made-to-order?production?can?overcome?the limitations of current?manufacturing processes for customized furniture.?By adopting the right?MTO?approach,?it’s?possible to?manage multiple variants, modules, materials?and models with ease.?
