In recent years, millennial consumers (shoppers born between 1981 and 1996) have been accused of “killing” industries that once thrived with support from different consumer generations.
Speaking at the National Retail Federation’s NRF 2019: Retail’s Big Show, Lowe’s president and CEO Marvin Ellison says he doesn’t believe millennials are killing the home improvement market. In fact, he sees abundant opportunities to engage the generation.
According to a report from Business Insider, Ellison cited data that showed more millennials are becoming homeowners.
“They’re now, in some cases, buying older homes because they desire to live closer to the city,” he says. “They’re going into those homes and they’re making investments to make those homes modern, to their taste.”
The CEO says it is vital that his company understand the specific home improvement needs of those consumers.
“The millennial customer and the demographic is going to emerge very soon as a demographic larger and more powerful than baby boomers, which is going to be significant not only for Lowe’s, but for all of retail, everyone selling goods and services,” Ellison says.
For more information on what matters most to millennial consumers, be sure to check out the February 2019 issue of Hardware Retailing. Subscribe here to get the digital edition of Hardware Retailing in your inbox before the print edition hits your mailbox.