Millennials May Be Accused Of Killing The Housing Market But They Are Keeping This Business Niche Alive And Well
Millennials have been accused of killing a great many industries from diamonds to chain restaurants to the housing market. The generation reportedly doesn’t patronize certain businesses as loyal as their counterparts in previous generations.
The group’s use of their purchasing power is affected by a variety of factors including the inability to afford the same milestone purchases that their parents did at the same age. However, there’s a certain type of business that millennials are keeping alive.
Walls of Green
With housing prices being unattainable for the current generation, it looks like they’ve found a new way to make their current apartments feel a little more like home. Apparently, the trend among millennials these days is buying plants.
This phenomenon is evident in 28-year-old Elizabeth Margulis’ case. The Chicago-based wardrobe stylist has decked out her two-bedroom rental with 30 plants, which total cost is $1,500. In comparison, she pays a $2,000 rent for her place. And instead of saving up to buy her own home, she’s cutting corners to buy a $250 cactus plant for $250.
While spending this much on plants instead of a house downpayment may seem ridiculous to some, it’s a situation many 20 and 30-somethings find themselves in. With the traditional house with a white picket fence seemingly out of their means, the group is choosing a greener alternative to give their rentals some homey vibes.
Plant Shopping Habits
In fact, millennials are spending so much money on their house plants that their purchases account for a quarter of the $48 billion worth of expenditures made on garden products in 2018 alone. This, despite the fact that the age group’s household income is lower than that of older generations. Meanwhile, Bloomscape founder Justin Mast confirms the reality that more and more people are now preferring to buy plants before springing for a home.
Another interesting thing is the popularity of services like, the Sill, Rooted and Bloomscape, which cater to millennials’ online plant shopping habits. A certain hype for keeping plants is also spread on social media tempting other people to do the same.
A Way to Cope
Another reason why millennials are willing to make changes to their budgets to afford their indoor gardens is that they see it as a form of self-care. Plagued with having insecure jobs and living in cramped urban spaces, the group reportedly see their purchases as part of their health and wellness. Their decision is also driven by the desire to get closer to nature and interior design trends on social media.
More in Business Lounge
Sly Stallone Sells His Beautiful La Quinta Desert Property
Joining the bandwagon of celebrities dealing in property in 2020, ‘Rambo’ actor Sylvester Stallone has sold off his “La Quinta” villa,...June 22, 2020
Another Celebrity Joins the Property Deal Fest – Ariana Grande Buys Two Mansions
The past few weeks have seen a horde of celebrities engage in selling their expensive houses. Maybe it’s the pandemic; perhaps...June 19, 2020
Rihanna Spends Crazy Amount Renting Hampton Property For The Summer
Rihanna is all decked up and ready to spend her summer in true celebrity fashion. As such, she has just rented...June 18, 2020
Vacation Ideas in The Time of COVID-19
With the pandemic still wreaking havoc globally, we know that a vacation is the last thing on your mind. Or, it...June 18, 2020
Tesla’s Domination In The Automobile Industry Is Just Beginning- Here’s How It Became The Most Valued Car Company In The World
By far and large, last week’s biggest headline announced Tesla’s shares rising to $1,000. Following this, the company marked its market...June 17, 2020
COVID-19: Queen Elizabeth Celebrates Birthday without the Royal Family
Since COVID-19 started, the world hasn’t been the same. Sports activities, concerts, pilgrimages, and schools have been directly affected. From common...June 17, 2020
Mila Kunis & Ashton Kutcher Ready to Sell Their Beverly Hills Home
It’s always fun when you look into the life of your favorite celebrities. Be it for the right reasons or wrong;...June 2, 2020
Here’s Why Tom Hiddleston’s Views on Luxury Cars Changed After This Happened
Everybody knows Thomas William Hiddleston, the English actor who played the infamous Loki in Marvel’s “Avengers” franchise. He played the part...May 30, 2020
COVID-19 & The Shift in Social Status Markers
The idea of social status has been around for a long time. It’s so ingrained in our minds that we don’t...May 28, 2020