Millennials biggest furniture, bedding spenders

In 2015, millennials will be buying furnishings for bedrooms and formal dining rooms.

According to an analysis of Furniture/Today's Consumer Buying Trends data, millennials have overtaken Baby Boomers as the largest buyers of furniture and bedding, generationwise.

Millennials form the largest population segment with more than 79 million people and $170 billion worth of purchasing power in 2014. In the same year, they comprised 37 percent of households buying furniture and bedding, topping Baby Boomers and Gen X.

Millennials accounted for 28 percent of total value spending on furniture and bedding in 2014, shelling out $27 billion. This represents a 142 percent jump from 2012 when the group spent just $11 billion on products. For 2015, millennials are more likely to buy furnishings for the master bedroom, formal dining room, and some other bedroom.

Data also showed bedding as the most frequently bought category in 2014 with 17.4 million households buying a mattress.

Stationary sofas were second, purchased by 7 percent of all US households. Materialswise, buys in this group were led by fabric-covered sofas, which comprised two-thirds of all purchases. Leather accounted for 20 percent and faux leather, 14 percent.

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