With around 1.8 billion in the global population, millennials now constitute the largest adult cohort and in India, they make more than 50% of the country’s population and being the most significant segment of today’s workforce, millennials play a huge influence and are responsible for dictating many future trends and graphs of the service sector. They stand at the brink of revolutionising the economy and are becoming a key player in the home buying and improvement space.
Unlike the previous generation, millennials, also known as Gen Y, are diverse and tech-savvy, value authenticity, individuality and social responsibility. Attracted to options that align with their values and distinct beliefs, millennials this year were seen preferring vibrancy that express their creativity and driving the transformation in the paint industry.
In an interview with HT Lifestyle, Ashok Gupta, MD and CEO at Shalimar Paints, highlighted some trends dictated by the millennials in 2023 that may also be a hit in the New Year 2024 –
- An inclusive colour scheme
When it comes to spending on home improvement projects, millennials lead the pack. They are hyper-connected yet, place a premium on customization and self-expression. While they prefer minimalist designs, neutral tones rather and organic shades, they often prefer options that encourage a sense of retreat. This has prompted paint manufacturers to introduce a diverse range of new colour tones to meet the evolving needs of this consumer demographic. Painting the walls with unique experiences have also shaped their attitudes, expectations and outlook providing them with an opportunity to play with designs that create their dream home. Each stroke of the brush is a conscious decision; whether soothing pastels, vibrant accents, or earthy hues, they reflect their unique style and vision. This inclusive and diverse colour scheme enables them to create not just beautiful homes but also deeply meaningful ones. It also creates a calming and welcoming atmosphere that fits well with their lifestyle and meets their individual needs, spirit, and style.
- Personalised colour palettes with convenience
One of the defining characteristics of millennials is their emphasis on individuality and self-expression, which is often coupled with a strong reliance on technology. This distinctive blend is readily evident in the way they approach their daily decision-making and thought process. Millennials tend to take an experimental approach when it comes to home décor. They frequently conduct online research to seek design inspiration and DIY painting techniques, particularly for achieving trendy and customized paint options. Given the inherently messy nature of the painting process, customers now gravitate towards quick-drying paints and mechanized painting tools, aiming to minimize disruptions to their daily routines. This shift in preferences has led to a rising demand for personalized and convenient paint solutions. These solutions encompass features like fast-drying formulations, user-friendly application methods, and the flexibility to customize and blend colours to suit their unique preferences. The integration of technology and innovation not only enables them to experiment with various color schemes but also bolsters their confidence in making informed decisions, ultimately simplifying the challenges that traditionally accompany home painting projects.
- Sustainable and eco-friendly practises
Sustainability and eco-friendly practises are critical components for millennials, leading to greater emotional gratification. They demand environmentally conscious homes resulting in increased demand for sustainable options seeking a long-term investment that aligns with their values. Millennials are no longer content with mere walls and shelter; they are looking for a place that mirrors their ethical commitments too. As a result, paint manufacturers are understanding these demands and are providing a healthier living environment. One of the significant changes in the industry was to introduce paints with low chemicals, metals and volatile organic compounds (VOCs). This is specifically designed to reduce the surging burden on the environment, making them an ideal choice for those seeking an environmentally responsible lifestyle. Additionally, a range of environmentally friendly paints characterized by their minimal fume emissions, biodegradability, low odour, reduced VOC and water-based alternatives are also in high demand. This harmony between sustainability, well-being, and environmental consciousness signifies a significant step forward as they positively contribute to the world and create aesthetically pleasing homes.
Ashok Gupta concluded, “Millennials, being the strength of the economy, are leading a new wave of change in the paint industry. Acknowledging their preference and priority, the industry is exploring technological advanced, innovative and eco-friendly options that align with their choices and lifestyles. In conclusion, the future is likely to be characterised by a continued emphasis on authenticity, individuality, and social responsibility. Colour will continue to play a significant role in home development; however, consumers not only seek pallet options but they also want to know what a brand stands for and wants to create.”