Is the Homebuying World Ready for Millennials?

Is the Homebuying World Ready for Millennials?

Seen the current Our Thinking feature by Goldman Sachs entitled, Millennials: Coming of Age? You can read the full article here.

#GetSocial and integrate traditional marketing & digital content

Did you know the Millennial generation is the largest in U.S. history (larger, in other words, than Baby Boomers)?

As a group, Millennials have come of age during a time of unprecedented technological change, globalization and economic disruption — as well as lower employment levels and smaller incomes.  As a result, there are significant differences in behaviors and experiences than previous generations.

What sort of differences? For example, almost 60% of the 18-31 group in the 70’s were married and living in their own household.  Today, that number if about 25%.

To date, the reduction in household formation has been significant for the new home market but…there may be light at the end of the tunnel.  A recent Trulia survey reports 93% are interested in purchasing a home (the largest percentage of any demographic group).

Millennials are the first generation of digital natives and attitudes towards shopping and purchasing are noteworthy, as well.  Consider this statement:

“When a brand uses social media, I like that brand more.”

Implications for marketing are significant: these are social and connected home shoppers.  How do you effectively communicate about a service, product or brand? Brands appear to be shrinking in importance while social media influence is growing. Millennials turn to their online networks when making purchasing decisions.

Take a look at CPS’ Social Media Wall as a unique mechanism for integrating traditional marketing images/copy with social media.  Bring your marketing messages — and brand — to a generation about to burst onto the home buying stage!

Leave a Reply

Your email address will not be published. Required fields are marked *