Millennials … An Aspirational Demographic
Millennials — those born in the 20-year span between 1977 and 1996, 87 million strong. Sometimes called Generation Y, this demographic group is now between 19 and 38 — and many are just starting the process known as household formation.
|Social Media Wall: integrating traditional marketing & social media|
You would think that is all good for the real estate and home building industries! Unfortunately, the recent business slowdown particularly impacted this group in terms of unemployment, “career” jobs and wages — so their entry into a homebuying mode has been delayed. However, Millennials are a confident, resilient and patient demographic according to CEL & Associates.
In only 5 more years, Millennials will compose nearly 50% of the workforce — and be an increasingly market influence.
CEL reports several, other Millennial demographic indicators: Millennials love personal branding and are never far from connectivity. They look for a “work/life balance” lifestyle and are very involved in social media to provide civic, political and social identity. Review this Millennial comment regarding advertising impact:
“The most convincing advertising of all is seeing your own friends buying, wearing and using the product. We engage with our peers through social media, I’ve bought countless items because of what I’ve seen on Instagram alone.”
How to market homes to a Millennial audience? Take a look at a new way to integration traditional marketing copy and images with social media content — CPS’ Social Media Wall. Put your social media Tweets and posts to work to help create the civic and social identity needed for your aspirational buyer!