It has occurred to me that a new generation of buyers is emerging and they are creating a new set of problems. This consumer is different then our current buying market at large - AKA the Baby Boomers. This consumer base is known as the Millennials but they are also being called "Generation We" or "Generation Now". Born between 1978 and 2000, they are 95 million strong, compared to 78 million Baby Boomers. They are the sons and daughters of the Baby Boomers and they are a new animal to market too and sell real estate to. This generation is like no other generation before them. Born and raised during a time of intense technological advancement, they are constantly hooked to the Internet, mobile phones and iPods. They are in constant contact with friends and family. Their idea of multitasking is creating a report for a big meeting while downloading a podcast, listening to internet based radio, and texting their friend about lunch plans. Experts say that Millennials "are unlike any other youths in living memory: More numerous, more affluent, better educated and more ethnically diverse than those who came before." Those words from William Strauss and Neil Howe, social scientists who coined the term "millennial" in their book Millennials and the Pop Culture (LifeCourse Associates, March '06).
You may remember a time without cell phones, personal, computers and the Internet but the Millennials do not. At the very early years of this generation they at least knew what a personal computer was. They are used to having information at their fingertips especially now with the creation of the iPhone and the advancement in mobile technology. This generation can do anything and everything online without hesitation. In fact if a company or product is not found online it is likely they will think of it as unimportant and skip over it completely!
Apart from this generation being technologically brilliant, they are spoiled. They have been doted on by their baby boomer parents that could afford to buy expensive learning toys and put their children in little league. This generation has been told they can have whatever they want. They have seen the rewards of their parent's hard work without actually seeing the blood sweat and tears that went into getting those rewards! This upbringing makes this generation of buyer especially tricky to build homes for...
Milleninnials love to gather in groups, they want to be close to entertainment and work. Urban living has been successful for them. They need home offices since many work odd hours or completely from home. They want to feel connected. They care about the environment and want to see clean building practices and energy efficiency. When selling to this generation you should point out the location in proximity to entertainment, restaurants and gathering hot spots. They love mixed use projects where everything from housing to work to entertainment is in the same place. They want nice things in their homes since they saw what their parents have but they are not willing to pay the high ticket prices. Products in the home cannot look cheap. Millennials would consider good quality linoleum over natural wood because it looks good and it is environmentally and health friendly plus the cost is not as high as a real wood. They want a nice home with low utility bills. This generation is more likely to buy a new home rather then an old home. Since they are very social they like to see out door living spaces or open floor plans perfect for gatherings. They like the great room concept which opens to a spacious kitchen and dining room. They will give up on large square footage in order to have efficiency and a good location.
Marketing to the Millennials is also quite different. The Internet is the key and you better be online and active in order to capture this audience. Millennials spend over 75% of their time online. They use the internet for research, connecting with peers, and work. They read blogs, watch YouTube, download music and podcast from iTunes, listen to steaming audio from places like Pandora radio, do their banking online, shop online, book travel and watch TV, all online. This generation is connected on a regular basis. If they do not find you then you simply do not exist to them. I would encourage you to have a link to your website on every ad and listing you do whether in print or online. You need to be socially active online. According to the most recent Women's Health magazine Social Media is one of the new emerging career paths. That's right, people get paid to do nothing but have online conversations. Are you blogging? (I would hope so if you are on activerain or facebook!), do you twitter? Are you on myspace or facebook? Do you have an IM (instant messaging) so you can connect online with your clients. Millennials would rather connect with you through IM then email!
They want personal attention but they want it at their fingertips and if you are not online because you are intimidated or you don't think you need to be, than you might want to think about the future of your business. If you are thinking about retiring in the next couple of years then you might not be affected but if you are going to be in the business for a while I suggest you pick up a book on Social Media Marketing or take a class because 95 million people can not be ignored!
Meet the new Generation: You know you're a millennial if...
· Parented by boomers, you've been lavished attention, high expectations, and a "nothing is too good for my baby" budget of learning toys, after school activities and one-on-one face time.
· You're a high-achiever. Tested to death, the quality of your education has consumed society - from the State House to the White House. But you're confident you can live up to all those high expectations.
· You've got it together. Unhealthy behavior and trauma - including suicide, serious violent crime and pregnancy rates - are declining in your age group.
· You love to collaborate and thrive on regular feedback. You value honesty and hard work - and you seek out the same in creative partners.
· You're praise-driven. You're never more satisfied than when you've been commended for a job well done.
· You're totally at ease in a multi-cultural world. For the first time in history, popular culture and advertising are full of people from different backgrounds, and the civic landscape of business and politics is much more diverse than when your folks came along. Over 40 percent of you are non-white.
• You live to make and manipulate culture, creating and sharing content online on a daily basis.
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