The next time your friend invites you over to her house to meet the newest member of her household, you may discover that she was talking about a plant, not a child.
This trend of “plant parenthood” involves buying and caring for plants in the house – which is nothing new. What millennials are doing different is the extent of their commitment and emotional investment. Richer plant parents even own over a hundred different species of plants and succulents!
Most owners have taken to naming their new green babies, posting pictures of them on Instagram (check out the hashtag #plantsofinstagram), and joining communities of fellow plant parents to discuss plant care methods and trade advice — much like regular parenthood.
With many millennials delaying or opting out of having children, it’s no surprise that plant parenthood has become so popular with this generation. However, their fascination with houseplants is more than a mere substitution for children.
One city-based counsellor from Maharashtra, India, observes that most people, especially youngsters, are drawn towards plant care because it relieves stress. Another Singaporean plant owner cares for plants because it gives her calm and quiet away from a society filled with noise.
According to a report by the Global Wellness Institute, products promising wellness — such as plants — are part of an industry worth over US$4 trillion globally. Millennials have also been dubbed the “wellness generation”, explaining why they have been purchasing plants more frequently as compared to older generations.
Millennials are becoming more mindful of the benefits of their choices on their well-being, generating a fresh group of consumers who think and spend carefully.
Millennials are ticking slightly differently, but we at Eastspring are on board with this new generation of investors, being present in eleven Asian markets – home to the world’s largest millennial population. We have our finger on the pulse of the trends that will shape tomorrow’s investment landscape. Find out more about Eastspring at www.eastspring.com