Having looked at the segmentation of Option’s fitted furniture market and concluded that one specific demographic consists of the over 50s, retirees and empty nesters; what can we make of that conclusion and how are Options set to service this sector?
Well, as previously stated, the average age of an Options designer is 63 and as a team, we are clearly part of this demographic and attuned to the aspirations of our peer group.
As with my overview of the bespoke fitted furniture market, there are many shades within this group. However, there are some generalisations we can make: many of our older clients set up home and started their families in the 1960s, 70s and 80s and will often have pieces of furniture from G Plan, Nathan, Ercol or Mackintosh that are much treasured and typical of these decades. British furniture of this period was generally well made and many of the designs have become classics, further; some of the older generations will have set their taste in cabinet furniture during this period and will, understandably, be looking for like quality and aesthetic.
Options’ high build-quality and our craft skills at using real woods and colour matching them to clients’ existing furniture set us apart from most of the competition, enabling us to achieve high levels of customer satisfaction where a retro look is required.
On the other hand; many of this demographic are tired of their old furniture, which may have taken a battering during the child raising years and they may be ready to ‘chuck out the chintz’. While still looking for high build-quality, this group are often avid readers of Homes and Gardens and may be looking for all that is modern and funky. Options designs skills and production flexibility mean that we can do modern and funky with the best of them.
Older clients often have a lot of treasured collectibles, ranging from vinyl LPs to fine porcelain, sports trophies or costume dolls and they often require specialised storage and/or display areas incorporated into their fitted furniture. Options’ custom manufacturing facility allows the designer to meet such needs precisely.
Empty Nesters are another group within the older demographic that Options are well set to service. Some people sell up and downsize, releasing equity to ensure that their retirement home is fitted out to perfectly meet their needs, others prefer to stay in the family home, amongst the happy memories of the child-raising years. Empty rooms now open up the possibilities of having fitted study furniture from which to pursue hobbies or voluntary work whilst clients with increased leisure time may be looking for a home entertainment unit for their hi-fi and music collections or even, a full home cinema.
There are now more over 65s than under 18s in the UK and 80% of the country’s wealth, 60% of savings and 40% of disposable income is now held by the over 50s. By 2030 50% of the population will be over 50.
A mature sales force and a propensity to meet the demands of the grey market are serious strengths for any home improvement company.
