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It’s our job as entrepreneurs to keep up with the latest trends—but it can be hard to keep up. It’s essential to know what’s driving consumer spending and how you can integrate new trends into your small business. Here’s what to look for in 2019. Have more? Let us know what trends you’re following in the comments section below.

 

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1. Generational marketing

 

There are currently five generations in America, each with its own set of demands. Three (baby boomers, millennials and Gen Z) are so large they have an outsize impact on industries and specific businesses. But no one has more influence in the marketplace than millennials.

 

2. Millennials

 

This huge generation—there are 84 million of them, ranging in age from 19 to 37—is too big to ignore. And they’re in the stage of life where they’re impacting so many businesses. Take weddings – already, according to The Knot, a $72 billion industry. Businesses affiliated with weddings, from retailers, to jewelry designers to restaurants, photographers, florists and dozens more, are poised to grow even more as younger millennials approach the median age of first marriage—29 for women and 31 for men.

 

The Knot reports two to three years after getting married, 35 percent of millennials start a family and 24 percent buy a home. That leads to many entrepreneurial opportunities for years to come.

 

3. Millennial parents

 

Millennials are the nation’s parents—they head 51.2 percent of households with children under age 18. Parents are big spenders—to the tune of $1 trillion a year. And, for the first time, women in their 30s are having more kids than those in their 20s. This is great news for entrepreneurs, since older parents spend more money on food, furniture, clothing, décor, and toys for their kids. More than one million millennial women become new mothers every year, and since so many millennials are still in their 20s, this is a long-lasting trend.

 

4. Home, sweet home

 

Home ownership peaked in 2004, but is now on the rise, thanks to millennials. Between millennials and older generations of home owners holding on to their houses, businesses involved in the remodeling industry will get a boost. According to the National Association of Home Builders, the most in-demand remodeling projects include bathroom, kitchen and whole-house remodels. Homeowners are also asking for more green home features.

 

Seniors (including baby boomers) are demanding more home services—82 percent of them are still home owners. They’re hiring contractors to senior proof their homes. They want wider doorways, lower cabinets, wood floors, and bathroom remodels to make their homes safer and more accessible.

 

They often prefer others handle home maintenance chores, turning to home services businesses to get the job done. While housecleaning, lawn care, snow removal and handyman services aren’t just for seniors, targeting this market can help small businesses build a thriving business.

 

5. Mangia!

 

Americans love to eat, so there’s no shortage of new food trends. According to restaurant and hospitality consulting firm af&co., donuts are 2019’s “dessert of the year.” These aren’t your typical donuts though—consumers want artisanal treats with “unexpected savory flavors and fillings.”

 

Food on demand (either pick-up or delivery) is also soaring. Off-premises dining (including carryout, delivery, drive-through, curbside pickup and food trucks) accounts for 63 percent of restaurant traffic nationwide, and delivery is the fastest-growing segment of this market, says the National Restaurant Association. Consumers expect restaurants to deliver food. 

 

Younger millennials actually prefer off-premises dining—24 percent order takeout three to four times a week, compared to 21 percent of older millennials, 17 percent of Gen Xers and 6 percent of baby boomers, according to the International Foodservice Manufacturers Association (IFMA) and the Center for Generational Kinetics.

 

6. Looking Good

 

Men’s grooming is a burgeoning industry. Men’s personal care products (including skincare, deodorant, soap/bath products, hair products & shaving/depilatories) are already a $4.5 billion industry. Millennials are driving this trend as well, increasingly scooping up anti-aging products. According to new research from Mintel, 34 percent of dads (with children under 18) who use personal care products care about preventing the signs of aging, compared to 26 percent of male personal care product users overall.

 

And yet, according to the Mintel Global New Products Database, only a small percentage of men’s personal care products make anti-aging claims. This leaves a huge gap in the market. Mintel says, there’s “a significant opportunity for anti-aging personal care products specifically formulated for and marketed to men.”

 

These are just a few of the trends Americans are expected to embrace in 2019. Consumers have rising expectations, however, so you’ll have to work hard to meet them.

 

     What’s next?

 

 

About Rieva Lesonsky

 

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Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah.

 

Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.

 

Web: www.growbizmedia.com or Twitter: @Rieva

You can read more articles from Rieva Lesonsky by clicking here

 

Bank of America, N.A. engages with Rieva Lesonsky to provide informational materials for your discussion or review purposes only. Rieva Lesonsky is a registered trademark, used pursuant to license. The third parties within articles are used under license from Rieva Lesonsky. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

 

Bank of America, N.A. Member FDIC. ©2018 Bank of America Corporation

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