This is a trend which seems inevitable in high mass immigration countries, mainly the Anglosphere, for as long as it exists. For America there is now a clearly defined trend of the millennial generation not buying homes. Instead, the growth has been in rented and shared accommodation, since this generation is not getting married and having children either. The kick-on economic effects of this have severely impacted upon businesses such as home goods and furnishings. There have been 1,400 more store closings than openings up to December 27 2024, and 51 retail bankruptcies in 2024 compared with 25 in the previous year. Hundreds more furnishing stores across the US plan to close in 2025. One may at first thought that that mass immigration would counter this trend, but not so. The illegals are placed in hotels and existing furnished accommodation, so they are not major buyers of furnishings, but passive consumers of existing resources.
"The ripple effect of millennials not buying homes in America has been the destruction of several unsung hero industries.
Businesses which rely on homeowners spending their spare cash on furnishings and DIY tools have been struggling as a result of the trend, as existing home sales hit the lowest level since 1995 last year.
Retailers announced more store closures than openings in 2024 for the first time in two years, according to data from Coresight Research shared with the Wall Street Journal.
There were around 1,400 more store closures than openings last year up to December 27, the data insight company said.
Meanwhile, there were 51 retail bankruptcies in 2024 compared with 25 the previous year.
Home furnishing retailers like Big Lots and Conn's were among those filing for bankruptcy, while announcing plans to close hundreds of stores around the US.
The lack of home sales also pushed some businesses which were already struggling over the edge, according to the WSJ.
LL Flooring filed for voluntary Chapter 11 reorganization proceedings in August."