Generation X:
Gen X'ers were born between 1970 and 1979. They spend alot of time in front of a computer. Hence, they are very comfortable with online transactions. They react positively to internet marketing strategies. Most are independent, creative and hardworking. A large percentage are entrepreneurial. They have concerns for financial and emotional security. They are willing to transition from one employer to another in a relatively short amount of time when compared to their predecessors (the baby boomers).
Real Estate Needs:
This generation has moved into the child-rearing age, hence they prefer family-focused house(s). Top priorit(ies) are large kitchens, open & spacious family rooms, large pantryand a good-sized backyard. They are typically looking for a casual house (non-formal as compared to their parents). Garden and garage workshop are a plus. They prefer a house with some color rather than white stark walls.
Generation Y:
Gen Y'ers were born between 1980 and 1999. They may not be intested in major name brands (Levi's, Nike) and they prefer "cooler" brands (Mudd, Paris Blue). They are 3 times the size of Gen X'ers.
Typical attributes common to Generation Y include: expressive, ambitious, idealistic, confident, optimistic, passionate and committed. 1 in 3 are not Caucasian, 1 in 4 lived in a single-parent household (typically living with working mothers). They grow up in a more media-centric and brand-conscious world. They prefer to encounter ads in different locations (internet, sporting events, outdoor posters). They typically have negative connotations towards such ads. This generation feels that they are practical.
Real Estate Needs:
"Entertain Me" house with sophiscated features: whirlpool baths, hot tubs, wired with electronics, entertainment/ game area. They are not yet concerned about accomodating children - still socially emerging. Their expressive nature make them not fear of color. They might like unconventional, untraditional floorplans. A purple room would not scare them away.
Marketing concept for this generations is to put the ads out there and let them stumble across them. If they feel pressured, they immediately back away. Internet and email marketing are critical to reaching this group. They are "always connected" to the Internet in one form or another. Over 95% use websites for their real estate search.
No longer business as usual.
Comments(2)