by Katherine Brink
April 18, 2017
As baby boomers age and become empty nesters, a growing number of them are choosing to downsize their homes. In some cases, baby boomers are adopting new lifestyles. Many urban areas have seen an influx of older residents trading in suburbia for apartment or condo living in the big city. For others, the change is more about the livability of their home. For example, many baby boomers choose to move to a ranch-style home to avoid needing to use stairs, allowing them to better age in place. Finally, downsizing can also be a way to save on expenses, particularly utility and maintenance costs.
Demand for products such as modular units and hanging storage -- both of which focus on maximizing typically un-used or under-used spaces -- benefit from downsizing households. Modular units, in particular, have enjoyed strong growth as consumers have adopted their use not only in closets, but also in other areas of the home, such as pantries and garages.
Regardless of whether consumers are moving into urban areas or ranch-style homes, the end result is a more limited living space. As a result, these two lifestyle trends are both resulting in a greater need to remain organized and to more efficiently utilize what space is available. Home organization products help solve that problem. Increasing interest in more attractive, higher value products that are designed to be stored in plain sight is a big part of that trend. For example, products made from solid wood, wrought metals, or stylish natural fibers such as banana leaves and hyacinth are all popular. There has also been rising demand for products made from high end decorative laminates that are made to look and feel like real wood.
In addition, as baby boomers retire, a growing number of these individuals have increased time to spend on their homes and are more likely to focus on organizing their belongings, in part as a preference toward aging in place. Many of them also have extra disposable income and are also more likely to spend more in order to match their organization products to their existing décor. This ranges from modular units and hanging storage used in garages and hobby rooms to decorative shelving and baskets in areas such as family rooms and bedrooms.
For more information, see the Home Organization Market in the US study by The Freedonia Group. At 120 pages with 80+ tables and charts, this comprehensive report provides vital information on market environment factors such as pricing patterns, legal & regulatory issues, and technology and product development. In addition, the study includes analysis on the following:
For information about the home organization market from manufacturing and consumer perspectives, check out Home Organization Market: Retail and Industry Trends and Analysis.
Katherine Brink is an industry analyst at The Freedonia Group, where she writes industry studies focused on the security and consumer goods markets.
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