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27 June 2014

Family and Home – What’s Next?

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The rapid adoption of technology, our changing economy and ever-evolving family dynamics mean that the family and home of today may not be the family and home of tomorrow. With an eye on the changing dynamics of our culture, we are thrilled to share insights gleaned at the recent Innovation Forum, Modern Family event hosted by Stylus, an innovation research and advisory firm, about the family of the future.

The family of the future will be shaped by both economic and cultural changes. There is increasing migration toward cities, with 60 percent of the population expected to live in a city by 2030. Multi-generational living is on the rise as well.  Thirty-six percent of 19-31 year olds currently live with their parents. A shared economy is emerging.  In fact, 57 percent of first-time buyers are willing to share the purchase of a home.

The move toward both urban and shared living will affect both product and home design in the future.  As space gets smaller there will be a greater need to access public and shared social spaces for family living.  Traditional home layouts with separate living, dining and work spaces will evolve to home layouts with open, multi-purpose spaces because of space constraints and even the tendency to eat in front of the TV.

Home will no longer be bound by attachment to a particular geographic location.  The mobile worker population is expected to rise to 1.3 billion in 2014, and 70 percent of Millennials see themselves living in another country.  Many families are now combining leisure and work travel.

Fortunately, mobile devices are now able to connect families no matter where they are.  In fact, 176 million people now claim to be mobile addicts, accessing more than 60 apps in a day.  This is leading to the rise of new family segments like PANKS.  One in five women now identify themselves as PANKS (professional Aunt, no kids) with a buying power that is shaping the economy.   Websites like SavvyAuntie emerging to meet the needs of these PANKs who are spending an average of $387 per year per niece or nephew.

How is your family evolving?  Tell us what you think “family” and “home” will look like in 30 years.

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