According to Home Depot chief marketing officer Kevin Hofmann, millennials are focused on bringing more personality to their homes than the generations before them. Research from the home improvement retail chain is showing Millennials want more and more options so they can find the right product to fit their own style – not everyone else's.
Instead of offering five styles of granite, the company may to have to offer as many as 30 types, suggests Hofmann. While Home Depot stocks up to 35,000 units in its stores, it expands to over 1 million units available online to give these home owners exactly what they need. Millennials are also more interested in smart and energy efficient features than any other generation.
Though Home Depot does not disclose what percentage of its sales come from millennials, Lasser predicts the generation will start to play a bigger role in its financials over the next five to 10 years. Still, Hofmann admits millennials' revenue contribution likely won't surpass that of baby boomers and Generation X for another 10-plus years.