Research: Gen-X needs more attention
By Jenny Heinzen York -- Furniture Today, February 10, 2003
Greensboro, N.C. — The home furnishings industry has not done enough to tackle the needs and expectations of Generation X, according to research presented and panelists speaking at the Women in the Home Industries Today's "Day of Learning" here last week.
The 60 million-member generation, loosely defined as those born between 1963 and 1978, now 25 to 40 years old, is critical because its members are approaching their peak earning — and spending — years, according to Karen McNeill-Harris, president of McNeill Communications and WithIt.
Palliser Furniture sponsored the research, conducted by Strategic Decisions, in an effort to better understand this powerful consumer group and the best ways to meet its needs.
"Our industry is really behind the other consumer products that have addressed this group," said Roger Friesen, senior vice president of merchandising at Palliser. "The demand for fashion and value is universal, and this group embodies those demands. We as an industry need to take our eyes off our rear and side-view mirrors and look ahead."
Al Wight, president of Strategic Decisions, said the time is right to tackle this important segment.
"This is a younger population, and they are into having a place of their own," he said, noting that almost 70% of the 1,005 Gen-Xers interviewed for the study own their homes and 72% live in freestanding houses.
"There is unprecedented home ownership right now, but there are fears of war and the economy holding people back," Wight said. "I think there is a substantial amount of pent-up demand for furniture, that will resolve itself as soon as some of those issues are resolved."
One trait of Gen-Xers is that family, home and quality-of-life issues are at the forefront for them, he said. They tend to be cynical, skeptical consumers as a result of growing up in economic climates that have fluctuated wildly.
A panel of four Gen-Xers discussed their perceptions of home furnishings, as experienced from both inside the industry and out. All four agreed that while the media has created the "slacker" image for the generation, the young adults have outgrown it.
"I'm put off by that. I'm not a slacker. I would never call myself Generation X. I just don't see it," said Kevin von der Lippe, a 37-year-old private detective from Industrial Security Agency in Greensboro. "We want to be seen as a unique individual, not one of a crowd."
Members of Generation X tend to approach their careers differently than their Baby Boomer parents. Previous generations tended to work for the same company for years, had good pensions, and felt safe about the future. Generation X doesn't have the same sense of security.
"The rules set up as we were growing up don't seem to matter any more," said Glenn Prillaman, 31, vice president and product manager for Stanley Furniture's Young America line.
The four panelists also agreed that they are driven more by convenience than by price, and most of all want information so they can make informed decisions.
Friesen said Palliser has focused on younger consumers, developing its successful EQ3 line to address their needs.
"This generation really wants to be different from their parents," he said. "But they have a hard time because the solutions are not being presented to them."
Palliser has opened three EQ3 stores and plans to have 100 in place within the next four years, he said.
| Acknowledgements | ||
| Copy/Layout Editor Fran Marshall contributed to this article. | ||
