How Baby Boomers Will Shape the Future of Interior Design
When you think of interior design, what kind of client do you picture in your mind? Most of us would probably conjure up a millennial couple having just purchased a new home. They want to upgrade certain elements to bring the home more in line with their lifestyle as well as make changes necessary to accommodate a growing family. What would you say if someone told you that’s not the client of the future?
It may not be, if what some experts are saying turns out to be true. It could be that the next group of people ready to make their mark on interior design are not millennials. They might be baby boomers. That’s right, some very smart people think that baby boomers will be shaping the future of interior design for at least the next decade.
Boomers a Growing Population
The idea of baby boomers defining interior design has its foundation in current demographics. We already know that the first round of baby boomers has already reached retirement age. Between now and 2035, every living boomer will reach age 65; most will retire at that point. Where does that leave us?
According to Forbes contributor Megy Karydes, it leaves us in a very strange and new demographic position. She says that by 2030, the number of people in the U.S. age 65 and older will be greater than the number of people under the age of 18. That translates to 20% of the entire population being of traditional retirement age.
Three Key Factors
By now you might be thinking what any of this has to do with interior design. Well, interior design is most often associated with home building and buying. Both certainly play a role here, but they do not fully explain the anticipated influence of baby boomers. For a more complete picture, we turn to Salt Lake City-based interior design and real estate firm CityHome Collective. They say there are 3 key factors in play:
1. Some Boomers Will Have the Money
Where millennials and their younger counterparts are finding they do not have the money to spend on interior design, many boomers do. In fact, baby boomers are more likely to retire with solid pension plans or 401(k)s. They will have the money to spend on interior design when it comes time to downsize.
2. Others Won’t Have the Money
The flip side of that coin are those seniors who will not have the money. However, Karydes says that there is a growing trend among baby boomers to share their homes by renting out rooms via Airbnb and other similar services. They are spending money on interior design to make their homes more attractive to renters, anticipating that their income will cover the costs.
3. Boomers Living with Adult Kids
Next up is the growing tendency among boomers to live with adult children. This is often done as a financial benefit to both. In cases where boomers are the ones selling their homes, they are looking at interior design to make the space they are allotted uniquely their own.
Along those same lines, some modifications may have to be made to account for health issues. That means boomers will have a say in what their kids do to accommodate them.
It is interesting to think of what the U.S. might be like just 16 years from now, when the last of the baby boomers reaches generally accepted retirement age. If you are involved in interior design, the experts say you are going to be serving more baby boomers. Get ready.