Millennials – Americans 22 to 37 years old – are increasing their share of consumer spending.
They aren’t neglecting furniture and bedding, according to the U.S. Bureau of Labor Statistics.
BLS reports in its newest Consumer Expenditure Survey that from 2014 to 2017, Millennials increased their share of overall furniture and bedding purchasing from 20.1 percent to 24.6 percent. At the same time, the share for Baby Boomers – 54 to 72 years old — declined from 37.6 percent to 34.3 percent.
Generation X – between Baby Boomers and Millennials –accounted for 32.3 percent of furniture and bedding purchasing in 2017, which marked a decline of 2 percentage points from 2014.
Millennials still trail their elders in income, but they are quickly closing the gap when it comes to consumer spending. Furniture and bedding are on their shopping list.