Understanding the Millennials Generation
Millennials, an abbreviation for millennial generation, refer to individuals who were born between 1980 and 2000, approximately.
They are sometimes referred to as “Generation Y” and are the children of the post World War II baby boomer generation.
Millennials in the Housing Market
They hold the key to our future economic success and housing market. They are tech savvy, all about social media and are socially conscious. If you’re looking to sell your home to a millennial, it is important to flex to their style when marketing to them.
Key Facts About Millennials
Below are a few facts you should know about millennials:
Millennials Demographics and Size
- Millennials are the last generation born in the 20th century.
- According to the United States census bureau, approximately 40% of the millennial generation is composed of African American, Latino, Asian and of racially-mixed background.
- Based on research conducted using the years 1978 to 2000, there are about 76 million millennials in the United States alone. They are certainly larger than the baby boomers and 20% bigger than the Generation X.
Technology and Social Media Influence
- Millennials are sometimes referred to as “Net Generation” since according to most of them, they cannot remember a time when there was no Internet. And since they were born during the age of the Internet and gadgets, they are considered as the most technologically savvy generation.
- 63% of the millennials stay updated on brands around the world through their social networks.
- Although 55% of the millennials share bad experiences on shopping online, 46% on them still use the social media when buying online.
- 41% of the millennials have no landline at home; they rely on their cellphones as their means of communication.
Consumer Behavior
- 48% of the millennials claim that word-of-mouth has greatly influences their product purchases compared to TV advertisements.
- By 2025, it is projected that millennials will compose about 75% of the United States workforce.
- At present, millennials have 21% of consumer discretionary purchases. It is estimated to be over a trillion dollars in direct buying power and a huge influence on older generations.
- 89% of millennials express their strong likelihood to buy from companies that support solutions to certain social issues.
- The average investor, ages 21 to 36, has 525% of their savings in cash as compared to 23% for other age groups.
Decision Making
- Millennials often seek peer affirmation before making any decision.
In addition to the facts already presented, understanding the unique preferences and values of millennials is crucial for effectively marketing homes to them. This generation is not just looking for a place to live; they’re seeking a lifestyle that aligns with their values and aspirations. Here are some additional insights:
Eco-Friendly and Sustainable Living
Millennials are deeply concerned about environmental issues. Homes that boast eco-friendly features such as energy-efficient appliances, solar panels, or sustainable materials are more appealing to this demographic. Highlighting these aspects can significantly increase the attractiveness of your property.
Technology Integration
This generation grew up with technology at their fingertips. Homes that are equipped with smart technology, such as automated lighting systems, smart thermostats, and security features, resonate well with millennials. Emphasizing these tech-friendly aspects of your home can be a big selling point.
Community and Location
Millennials often value community and location over the size of the property. Proximity to amenities like cafes, shops, public transportation, and community spaces can be more important than the square footage of the home. Highlighting the vibrant community and the conveniences of the location can be a key strategy in marketing to millennials.
Flexible Spaces
The concept of a home for millennials goes beyond traditional living. They appreciate spaces that are versatile – rooms that can serve as a home office, a fitness area, or a recreational space. Demonstrating the flexibility of your home’s layout can appeal to their desire for a multifunctional living space.
Online Presence
Given millennials’ inclination towards technology, ensure that your property has a strong online presence. High-quality photos, virtual tours, and detailed descriptions on online real estate platforms are essential. Engaging in social media advertising can also increase the visibility of your property among millennials.
Authenticity and Storytelling
Millennials connect with stories and authenticity. When marketing your home, share its unique history, any renovations done, or why it was a special place for you. Personal touches in your marketing strategy can create an emotional connection with millennial buyers.
By integrating these insights into your marketing strategy, you can better connect with millennial homebuyers and stand out in the competitive real estate market.
Marketing to Millennials
Still want more facts and insights on millennials and how to market your home to them? Tune into our radio show, How’s the Market: Real Estate. Real Answers, today from 5-6 PM on 1110 WBT. We will be talking with two millennials who just recently purchased their own home and condo.