Boomers and Gen X-ers represent lion’s share of small kitchen appliance sales, but Millennial spending is increasing
Port Washington, NY, March 5, 2015 – Millennial consumers are increasing their share of small kitchen appliance sales. This under-35 age group accounted for 26 percent of the $6.2 billion small kitchen appliance market in 2014, up from 21 percent in 2013, according to The NPD Group, a global information company. While the older generations are the core customer, making up nearly three-quarters of small kitchen appliance sales, Millennials were the only generational segment with a sales increase compared to 2013.
“Much of the movement we’ve seen toward inspirational influence in the kitchen, from the aspirational attitude of recent years, can be attributed to the differences between the generations,” said Debra Mednick, executive director and home industry analyst, The NPD Group, Inc. “Boomers are the generation with more disposable income and a desire to splurge or trade-up for more premium products, but the sheer size of the Millennial generation, and their fundamental need for the essentials is what is moving the needle in many home-related categories.”
According to NPD’s National Eating Trends®, Millennials consumed eight more meals at home over the last year, while all other generational groups decreased the number of meals consumed at home by one. Millennials indicated that the main reasons they cook at home are because it saves money, is healthier, tastes better, and they enjoy cooking and have the time to do so, according to NPD’s foodservice report, Encouraging More Visits from Millennials.
“Millennial consumers have a sensible involvement when it comes to their food preparation. Just like many others, they want to get out of the kitchen as soon as possible, but they also want to be able to call the food their own and bring more fresh ingredients to their dishes,” said Darren Seifer, NPD food and beverage industry analyst. “Today’s American consumer wants more ’control’ over the foods they eat. This strongly applies to Millennials, and they tend to take a hands-on and personalized approach to cooking.”
“The Millennial mindset is just starting to demonstrate its impact on the small appliance market through their different approaches to food prep and at-home meals,” said Mednick. “Just as the times when Gen X and the Boomers came into their own, the home products industry as a whole needs to figure out how best to meet the needs and desires of the newest generation looking at their products, while also educating them, and learning how to grow and change with them.”
Source: The NPD Group, Inc. / Consumer Retail Tracking Service, 12 months ending December 2014