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The Economics of Everyday Things

39. Houseplants

The Economics of Everyday Things

Freakonomics Network

Business

4.81.2K Ratings

🗓️ 11 March 2024

⏱️ 15 minutes

🧾️ Download transcript

Summary

Interest in houseplants has exploded in recent years. But what causes floral trends, and prices, to grow? Zachary Crockett sows a few seeds.

Transcript

Click on a timestamp to play from that location

0:00.0

For Brian Williams, plants are a way of life.

0:07.0

My dad has always been into plants and he started the nursery out of our backyard when I was a kid. I kind of grew up

0:17.5

playing in the backyard jungle with all these tropicals and stuff.

0:23.0

Today he runs a business called Brian's Botanicals with his wife Sarah.

0:28.0

They sell rare house plants over the internet and out of their store in Louisville, Kentucky.

0:33.6

And they're constantly on the hunt for new and unusual plant breeds.

0:38.1

I remember I bred a new one called Cologasia Redemption and we were walking out through the field and they were only maybe a

0:44.7

foot tall and all of a sudden there's a big giant pink starburst and center of a black

0:48.9

leaf and you run around thinking you're going to be a millionaire.

0:58.6

The Williams' have good reason to believe there's big money in houseplants. According to the National Gardening Association, sales of indoor plants and accessories nearly doubled between 2019 and 2021.

1:08.0

House plants are now a $2 billion year industry.

1:11.7

And according to big shots in the plant world, the competition to

1:15.2

breed the next big thing has never been more intense.

1:18.8

Some of the breeders, when they come out with a new plant and they bring it to one of the local

1:26.0

shows, they may be selling it for 10 or 15,000 dollars because this is the only one of that plant

1:31.8

in existence right now.

1:35.0

For the Freak economics radio network,

1:36.7

this is the economics of everyday things.

1:39.4

I'm Zachary Krakett.

1:41.0

Today, houseplants.

1:47.0

Keeping plants inside the home is an idea that goes back at least a few hundred years. During the Victorian era, the bourgeoisie

1:55.3

turned their living quarters into veritable jungles of ferns and parlor palms.

...

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