Millennials are rapidly stepping into the housing market. Do you have a "Millennial Attraction Strategy"?
November 15, 2016
The Millennials Are Coming
Recently I've seen a flurry of reports coming out that spotlight a significant trend:
Millennials are stepping into the housing market, and soon we should see a noticeable surge in activity.
This is great news for the building products industry. But, we need to be prepared to cater to the unique needs and interests of this booming market segment.
Here are some tips for understanding the Millennial mindset.
Fast Facts About Millennials
Over the next decade…Millennials are expected to form well over 2 million new households each year on average, raising their numbers from 16 million in 2015 to a projected 40 million in 2025. ("The State of the Nation's Housing 2016", Joint Center for Housing Studies of Harvard University)
According to the National Association of Realtors® in its "2016 Home Buyers and Sellers Generational Trends Report" the Millennial generation made up the largest share of homebuyers last year at 35 percent. This represents an increase of 3 percentage points over the previous year and is an ongoing trend projected to continue to grow rapidly. ("Making Inroads with Millennial Homebuyers", ProSales)
A "Millennial Attraction Strategy"
Here are some snippets from a Forbes survey that provide useful insights and action items that can be used when creating a "Millennial Attraction Strategy":
The content Millennials view most on their phones are video clips and long-form articles. (Action: Share articles like "Vinyl Siding vs Fiber Cement")
Their most-viewed social media sites are Facebook (43%), Instagram (23%), LinkedIn (17%) and Twitter (15%).
When purchasing a new product, their opinion is most often shaped by Expert Reviews (34%), Customer Reviews (28%), and Friend Recommendations (23%). The influence of Brand Names is much less significant, coming in at only 3%.