27 Oct 2017
Posted in Press Release
16-24 year olds driving growth in the UK household storage market
Young people aged 16-24 are driving growth in the UK household storage market, according to GlobalData, a leading data and analytics company. A large portion of these consumers are in the rental market, and seeking inexpensive storage products to de-clutter their homes and maximise their living space.
The company’s research revealed that in the past year 57.2% of consumers aged 16-24 made a household storage purchase, 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, the fastest rate for eight months – young people are either renting for longer or buying smaller homes, increasing the need for innovative and desirable household storage solutions.
Those with higher disposable incomes may prefer bespoke storage fittings to accommodate irregular spaces that can occur in small spaces.
A spokesperson from the Consumer Analyst team at GlobalData commented, ‘’This presents a major opportunity for retailers to expand their household storage range. Under-bed boxes and drawer towers are particularly popular among young consumers, with 39.3% of 16–24 year olds purchasing in this category, compared to just 17.1% for those aged 25+.”
While 16-24 year old consumers are working on tight budgets, design is still important to them in what tend to be very functional, bland 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 offering great value and functionality will perform well with this group.