When the purchasing power of the Millennials is nearing its peak, and Boomers still maintain a strong presence of consumers, the demands and desires of these two generations are hot topics in home construction. According to forecasts, the population of Boomer will fall from 74.9 million to 16 million. By the middle of the century, and the thousand-year market now stands at 83 million. People enter their peak periods of consumption. Thus, these are two groups that need much attention.
Good news, these dominant generations have very similar needs! Below are four important factors that influence the lifestyle and shopping choices of both Millennials and Boomers.
Factor One: the simplicity of life
Millennials and Boomers are at the stage of their life, where they want to focus less on “things” and more on themselves. This minimalist approach has changed the mentality of “keeping up with Jones” to a lifestyle that allows them to “have fun than Jones”. To cope with this desire, here is the ease of living features that should be considered when building houses for Millennials and Boomers:
• Quality is more important than quantity. These demanding generations are looking for a house that has a smaller footprint with well thought out spaces.
• It is important that the “model triangle” at home is thoughtful. It is a stream and function from the kitchen, dining room and large room.
• Have you been pre-planned to adjust the space? Instead of a pantry in the kitchen, these buyers may want to have flexibility in renting or a technical center. Allowing them to change the floor plan is an outstanding selling function for both Millennials and Boomers.
• Low level of service is a must! Think hard surfaces of worktops that will not be cleaned or painted (quartz, quartzite), large format tiles and easy to maintain floors (luxurious vinyl, laminate, wood tile).
• Natural lighting made from strategically located large windows allows less space to appear larger and provides sufficient light.
• By overlaying artificial light sources (top, recessed, lamps, cabinet under / above cabinet), Millennials and Boomers have well-lit spaces even on cloudy days or at night.
Factor two: experience
Since the Boomers turn out to be healthier and richer than previous generations, they spend their hard-earned money on experience, not on material goods - as well as on today's millennia. Since this “era of experience” stimulates the demands of these two generations, home builders need to rethink their products to emphasize this trend of growth in lifestyle. To satisfy the pursuit of “experience over things,” pay attention to the following when you build houses for Millennials and Boomers.
• For these two target markets, the kitchen has become a place for food, drinks, entertainment, and friends. Create a kitchen in which Millennials and Boomers are sure to devour opportunities such as a large island with seating (possibly a double island), a “dirty kitchen” and storage ideas such as beverage centers, wine cabinets, storerooms and cabinets.
• Millennials and Boomers are eager to experience an open space where they can relax, retreat and have fun. (Pay attention to the theme of entertainment?) Thoughtfully sell outdoor areas as "livable" square shots with additions that are designed for cooking / dining, recreation and entertainment. Window walls, as well as the continuation of the flooring and style create a seamless flow from the inner to the outer space.
• For the home, as well as for the community, you need to refer to technology as a key requirement for Millennials and Boomers. In the end, they want to be able to “send” their countless impressions!
• A sauna like a spa bath is a haven for homeowners to relax and retreat. It’s all about showers, storehouses, and potentially added elements, such as spa glass, without stepped entry, linear drain, hand and shower shower heads, and plenty of natural and artificial light.
• For these dominant generations, communal amenities are just as important as the actual home. Features such as location, catering kitchen, fitness, public and private premises, outdoor activities and social events create a social environment where experience can flourish.
Three factors: organization
The saying “less but smarter” has never been more true for these customer profiles, since they are home to a well-thought-out function and enough storage. These buyers are turning to an era of “experience,” and the organization helps them fully embrace this adventurous trend. To satisfy the desire of the organization, it is important to consider the following functions.
• The more memory the better! Functions such as walk-in closets, panties and an attic, and a garage allow these homeowners to hide their “things” and focus on themselves. Cabinet systems, as well as a multitude of shelving units in these spaces, create many clever storage possibilities.
• Millennials and Boomers do not want wasted space. When it comes to additional storage, it is important not to miss unused corners and cracks. Regardless of whether there is a bookcase under the stairs or even a small cabinet for storing spices, these attentive design details are outstanding selling items that truly resonate with these buyers. Places to focus on these creative storage ideas are large “drop zone” places, such as the owner’s entrance and laundry, as well as kitchens and bathrooms.
• Pugs, vacuum cleaners, blenders, juicers, tennis racks, bicycles — Millennials and Boomers have a lot of items that need a “place to call home.” Even designing a field for four-legged friends to sleep, bathe and there is a unique sales element that appeals to these dominant target markets. Be sure to think about how they live when determining storage space.
Factor four: individuality
Millennials and Boomers do not want to miss the opportunity to demonstrate their unique taste and savvy style, especially when placing friends and family. It is important to be aware of current trends and offer them to these buyers. See how individuality can be achieved by focusing on the following functions.
• In a consumer world dominated by projects presented on Houzz, Pinterest and HGTV, Millennial and Boomer buyers are attracted to a renewed and wide selection. As trends continue to change rapidly, these demanding demographics want the next “cool” one. With this in mind, builders should be more style-oriented than their customers, and overestimate the choice every year.
• Today’s dream for Millennials and Boomers is a relaxed, yet stylish sanctuary that speaks about space efficiency and livability. Multi-purpose flexible spaces can satisfy the different priorities of these two generations, allowing them to emphasize their preferences and individuality. Regardless of whether a person’s cave is in the basement, a craft room in the attic, or simply an added room that can act as a den or a guest, flexible spaces are very attractive to these buyers. pursuit of individuality.
• Thoughtful merchandising can really “sell the dream.” Understanding the millennium and boomers wishes, the location of the project and the overall budget, domestic merchandisers can create a home design that excites potential buyers. These target markets need purity and simplicity with the addition of new colors. And by highlighting flow, function and flexibility with furniture, merchandising models can be an outstanding selling function that allows these buyers to imagine how the house meets and exceeds their expectations.
Since Millennials are entering the market in significant numbers, and Boomers continue to spend a lot of money on housing, the comparable needs of these dominant demographics are the main reasons for housing construction. Do not miss the opportunity to meet these requirements of two generations, recognizing and acting on four determining factors - the ease of life, experience, organization and individuality.
