Marketing to Millennial? How much money & time are you spending? I am just wondering and very interested.
There has been so much “stuff” written about Millennial and I just kept quiet. Needless to say I was quietly shacking my head and wondering, what is all the fuss about?
I do not recall in my life so much catering to a segment of the population that has no money.
I heard that name brand marketers are getting rid of their “logos” like “Coach”, “Armani” and the list goes on and on. Why? Strictly because Millennial do not like them… well OK I was not a big fan of wearing “status labels” paying an arm and leg for the same T-Shirt manufactured by the same Indonesian Garment Factory, who is changing labels on the same T-Shirts and local US Stores marking the prices up according to “Trend & Fad Factors”.
Now getting back to my point, there are many Realtors, Motivation Gurus, Marketing Experts who say that we need to go after the Millennial, because they are all renters and here is an opportunity to convert them to buyers. What a Market Segment we seem to leave behind. REALLY??
In the greater Los Angeles specifically in Marina Del Rey, and other upscale communities, I see three to four Millennial living in a two-bedroom rental units and each paying about $1,000 -$1500 per person for the privilege to be living in Marina Del Rey, Venice or even Beverly Hills just to name a few of the communities.
But I digress, let me get back on track. I get a daily email from: Trivia Hive, they send interesting questions with multiple choice answers. This is a fun way to learn and at the same time get a 30 second break from every day Real Estate Drama, stress, call it what you want it. I enjoy trying to guess the answers and when I miss there is an explanation of the correct answer. I find it fun and enjoyable to get a break from the everyday routine.
To illustrate my point, this was the question that was raised:
How much money do most millennials have in their savings?
- $3,200
- $5,000
- $12,000
- $1,000
The answer might be very surprising to some of you, I did not think it was that low either and missed the correct answer.
Well the correct answer is here as well as the explanation:
Want to hear a staggering statistic? 51% of millennial have less than $1,000 in their bank accounts.
Not wanting to be snarky, how much money do you need to put down to buy a property? 10%,20% depending on the price and income of the buyer…. So my take is “...have a party…” and listen to the “false prophets” and market to Millennial. I will spend my marketing money on people who can afford and want to buy a home. (OK that is another blog post i.e.: who can afford and want to buy)
When you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at me at 10.486.1002 (m) or homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com. I am a pet friendly realtor and I contribute a portion of my commission to local animal rescue organizations.
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