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Millennials and the home buying trend
The millennials are the generation of natives between 1981 and 1996, a generation that has been the subject of study by many sociologists and psychologists because of their controversial purchasing preferences. This generation takes on special importance since they are now beginning to make decisions on market trends.
That is why more and more people and companies are dedicated to knowing it. Did you know that nowadays millennials are responsible for purchases of more than 170 million dollars a year? That’s why you shouldn’t let this opportunity be lost. They are an important segment of the market!
How are Millennials?
Most scholars define millennials as those born between 1981 and 1996. However, other authors differ somewhat about this concept, saying that this generation extends into the year 2000. Until recently they were «the young», and while they are not yet old… they are now at an age where they have a significant buying influence.
What characterizes them? They are lovers of social networks and most of them love selfies. Freelancers and entrepreneurs par excellence. They can spend the day glued to the computer, preferring online shopping to shop in person. They are more committed to social and ecological causes (compared to previous generations).
However, one of the features that most characterizes them is that they want to be committed to everything they do. Most millennials prefer to be in a job they like, rather than making more money in a job where they are uncomfortable.
Dreamers, Ambitious, Entrepreneurs and Multi-taskers.
Millennials today are between 20 and 40 years old, so most know the responsibilities of being independent and the great benefits! So what you’ll see most is that this generation will shop with a conscience, not only that they are eco-friendly, but also that they are realistic.
Although this generation loves to buy technological equipment or adopt animals, they will only do it if they feel they have enough time or space. They are not a generation that buys more than they will use or promises more than they can deliver. However, something very important about them is that they are enterprising and ambitious, venturing into new experiences and deciding to live life to the fullest.
The millennials are also looking:
Millennials are starting to buy houses! A trend that has increased.
Although the millennials were a generation-long considered disadvantaged, at least economically, we can see how they have started buying homes from about 3 years ago to the present.
This generation has had to go through many economic ups and downs worldwide, which has been delaying a little their departure from home. Until a while ago, this generation preferred to invest their salary in travel or personal improvement, rather than settling in a fixed place.
However, from 2019 to 2020 we can see remarkable growth in real estate bought by millennials since only in 2019 4% of real estate purchases in the United States were by people of this generation, which increased to 38% in 2020.
Things of millennials: your buying preferences.
Several authors had postulated that the Millenials would have a preference for small but practical homes. Likewise, many others also stipulated that this generation would have a strong tendency toward mobile homes. All of these theories are based on the assumption that this generation has a strong preference for the practical and is not one of those who spend time in the home.
However, with the advent of the quarantine, this trend was affected, as many began to prefer large houses, by approximately 39%. This is because, due to the world crisis, many decided or thought about going back to live with their parents, either to reduce costs, to take care of their children, or even because of the same pressure of the quarantine.
Although this generation has varied preferences regarding the size of their home, there are many other things of millennials that they have in common regarding decoration. Here are a few of them:
1. They love stylish furniture.
This generation loves minimalist decorations par excellence, but not because they are boring. This type of decoration not only gives a touch of delicacy to your home but also makes it look bigger, organized and above all, very practical! That’s why it’s your favorite style.
These tastes play a lot with light colors, pastels, and browns. Creating an almost natural and simple style in your home. One of the things millennials can’t miss is a shelf or a minimalist closet, as they consider it useful, practical, and simple to combine.
2. The Millennials love couches.
It is well known that the Millennials are adventurous and like to travel and discover new horizons. However, a trend that is very fashionable in this generation is «Couchsurfing» which tries to travel abroad or to other states and spend the night on the couch of a friend’s home who decides to receive you.
That’s why having a sofa bed is very important for them. It is a simple way to have an extra bed for guests who decide to spend the night at home. They don’t have to be investing in an extra room just for guests and sleeping this way is a lot of fun!
3. They place a lot of importance on home offices.
Many millennials prefer to work from the comfort of their homes. Not only because many have decided to undertake, but also because technology has given them that facility, and the great majority of them work using these means.
However, they are very clear about the great distractions they can have in a home. So they have decided to invest in having their own office within their home, this way they are comfortable and without distractions. You can see that they place special importance on buying office furniture, especially those that are ergonomic and help them improve their posture while working.
4. White or neutral household items.
Many millennials are lovers of minimalist trends. That’s why they always love white household items. Walls, sheets, furniture, plates, utensils, sofa, and so on. Wearing white will always be right for a millennial, and it also helps to see wider and more peaceful spaces.
People born in this generation have a very good sense of aesthetics, so you will always see their homes decorated with neutral base colors and accessories with matching colors, creating an enviable harmony in their homes.
Millennials and technology in the home.
Although many natives of this generation were not born with technology at hand, like Generation Z, they admire it and like to have it! Approximately 36% of millennials want to own a smart home or buy all the tools to build their own smart home.
Not only will you see flat-screen TVs in their homes, but you will also see speaker systems and virtual assistants like Siri or Alexa included. Another important feature of this generation is that they prefer streaming services to traditional television, so a good route will not be missing in their homes with a Netflix or Disney+ account included.
But...what about purposeful shopping and the Millennials?
This generation has a very strong sense of social and environmental responsibility. Many Millennials would spend more on a brand if they knew it was eco-friendly or had a social responsibility associated with it. So they have a greater tendency to buy from type B companies.
As far as home purchases are concerned, you will see that Millennials will prefer to buy environmentally responsible wall paintings or that furniture that is produced with some recycled or biodegradable material. Although they give importance to long-lasting objects, those that do not pollute the environment or help society have a more important place for them.
So...how do you get the attention of a millennial?
Seeing all the things the Millennials take into account before making a purchase can be a real nightmare trying to reach them. However, that shouldn’t be a problem for you! Since you have to think globally, you have to appeal to their sense of environmental preservation and social causes.
Remember that as long as a brand helps society more, it will be much more attractive to them. Additionally, they also like practical things, those objects or furniture that have a specific use, that doesn’t take up much space but that offer them many advantages of use. Remember that they often prefer to invest their money in experiences! So you will have to sell them an experience, not just an object or piece of real.
The Millennials are a very different generation from the previous ones we had seen, so for many, it remains a mystery to know their buying trends. If you liked this post or found it interesting, remember to share it with your friends and family!
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