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.
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