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!