This is part 1 of a 2 part blog:
Did you know that there are "approximately 116 million Americans ranging between the ages of 18 and 45" according to Ideas Magazine September/October 2009 Issue. This 116 million Americans are made up of the generation Y and Generation X folks who are not only the buyers we are seeing NOW they are the buyers you will be selling and marketing to for the next 40 or so years. Are you ready? Are you open to change with the times and market the way they want to be marketed too? The largest buying generation, the Baby Boomers, are starting to settle into their last homes and a shift is coming where new generations of buyers are entering the market. Many speculate if the shift will hurt or help the housing markets:
About to wreak havoc on the housing market are the 78 million American baby boomers who will "retire, relocate, and eventually withdraw from the housing market," according to report authors Dowell Myers, a professor of urban planning and demography in the School of Policy, Planning and Development at the University of Southern California, and SungHo Ryu, an associate planner with the Southern California Association of Governments. (http://blogs.wsj.com/developments/2008/01/16/why-baby-boomers-may-bust-the-housing-market/)
This is bound to happen, the 2nd larges generation (behind the Y generation) and the largest buying force in the housing market will withdrawal and if your company is not ready for the shift you could go down pretty quick.
So what are the new generations of buyers looking for in a new home?
Generation X (born approximately between 1965 and 1977):
"Gen X-ers are at childbearing age," Sheehan says. "That means that Gen-X homes are about the family center. They are looking for things that help them organize and eradicate clutter and chaos."
But Gen X-ers are notably different from boomers, too, says Sheehan. For one thing, "Gen X-ers have different attitudes about family and disciplining their children." Those different attitudes show themselves not only in how these former slackers prioritize their dream amenities, but also in how little they like the formality of boomer homes; they want a casual home, says Sheehan.
They're also much more in tune to style and design, and know exactly what they want in a home -- and are less inclined to settle for less, she says.
(http://realestate.msn.com/article.aspx?cp-documentid=13107891)
Generation Xers have entered into the child rearing stage in their lives and they are looking for homes that are family friendly.
Key words for Gen X:
•· Family
•· Casual
•· Informal
•· Open
•· Urban
•· High quality
•· Low maintenance
•· Green Homes
•· Tech Savvy
Generation Y (the LARGEST Generation. Born between 1978 and 1995)
Gen Y-ers, those born after 1978 to about 1995, want a home that hollers "entertain me." Top-10 priorities include a whirlpool bath, sauna/steam room and entertainment center. "All of these things are about fun," says Sheehan.
That might explain why gardens and workshops don't make an appearance on the Gen-Y list.
And they're clearly not yet worried about accommodating children. This generation is emerging socially, and wants amenities that enhance that aspect of its life. So instead of a place to hunker down, Gen-Y homeowners "might be more interested in the home as a social hub," says Sheehan.
Technology is also second-nature to this generation. They're completely wired. So a Gen-Y home, more than any other, will practically hum with electronics.
(http://realestate.msn.com/article.aspx?cp-documentid=13107891)
Key words for Generation Yers:
•· Fun
•· Tech Savvy
•· Entertainment
•· Home office
•· Image Driven
•· Wired
•· Colorful
Click on this link to read Part 2 of this blog: Marketing to the new generation of buyers (Part 2 or 2 Part Blog)
Read my blog "The New Consumer and the Future of our Business" for more on this topic.
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