Generation rent is driving the household storage market

9 October 2017 (Last Updated November 3rd, 2017 16:53)

Young people aged 16–24 are driving growth in the household storage market; a large proportion of these consumers are in the rental market, and seeking inexpensive items to maximise their living space.

Generation rent is driving the household storage market

Young people aged 16–24 are driving growth in the household storage market; a large proportion of these consumers are in the rental market, and seeking inexpensive items to maximise their living space. GlobalData research found that 57.2% of consumers aged 16–24 made a household storage purchase in the past year, compared to an average of 45.9% for those aged 25 and over.

While prices in the UK housing market grow apace – up 4% on the year in the three months to September and the fastest rate for eight months – young people are either renting for longer or buying smaller homes. They, therefore, require more innovative storage solutions; those with higher disposable incomes may prefer bespoke fittings to accommodate irregular spaces that can occur in small spaces.

This presents a major opportunity for retailers to expand what are functional but sometimes bland products. Under-bed boxes and drawer towers are particularly popular among young consumers, with 39.3% of 16–24 year olds purchasing this category, compared to just 17.1% for those aged 25+. While these customers are working on tight budgets, design is still important to consumers buying these functional items – especially as they are likely to be on show. For university students, this is one of the only ways they can personalise their rented accommodation, meaning stylish products will perform well with this group.