JOIN USMillennials today have only the slightest knowledge about furniture. For them, large investments in furniture are only for elders, the elite or the ‘well-settled’. With their low disposable incomes, their priorities usually remain in gaining experiences, spending more on travel, movies, online shopping, automobiles and latest gadgets, than in buying furniture.
However, with the dawn of the concept of furniture rental in India, millennials are finally opening up to this idea with a well-developed sense of taste, aesthetics and value. They are now poised to become the predominant force in the furniture industry in the next few years. But we cannot expect this young generation between the age of 18 and 28 to shop for furniture the same way their parents did. They are instead looking out for customised, innovative and interesting experiences.
The furniture rental concept in India may work out well for the millennials because it is in tune with their needs and their way of life. Their non-committal nature makes them go for renting furniture rather than buying it. This is because, not only does renting give them the option of acquiring off-beat and interesting furniture pieces, but designer furniture for their homes also becomes affordable.
Also, it adds to their social status when friends come over for house parties, while allowing them to keep changing the look of their house without splurging unnecessarily or taking the pain of selling old furniture every time they move cities. They can mix and match, change the colour tones and play around with themes.
Ever-changing
Furniture trends, like fashion, are constantly in flux. What’s in vogue one minute can be obsolete the next. And the one thing millennials are afraid of is being or looking out of style. The highly visual group that spends a lot of their time online prefers researching on the latest designs on home interior design sites, social media and various other blogs. They seek furniture that is versatile, modular and sleek. They want something that is easy to maintain and has the potential to make any space look chic effortlessly. Bulky furniture is a big no-no for space-crunched millennials.
Meanwhile, those who have moved away from home to smaller apartments in bigger cities crave for the sentimental ambiences from their past. Such a section of young people chooses the rustic style of furniture to give a home-like vibe to their new spaces.
It is little wonder that then, that millennials approach home and furniture ownership differently than the older generations. They want to differentiate themselves from their peers by delaying their home ownership and investing in rich experiences instead.
This is the reason that they often look for multifunctional and affordable furniture that can withstand their dynamic and urban lifestyles. Moreover, they are also more partial to furniture that is ethical, sustainable and environment-friendly.
With endless innovative options to choose from at a better value-for-money proposition, the time has come for this young generation to make the shift. They are geared up to move on from decor compromises and live a fancy lifestyle they thought was so far only meant for the well-established.
(The author is CEO & founder, Furlenco)