Home Features, Not Brands, Lure Young Buyers
DAILY REAL ESTATE NEWS | TUESDAY, NOVEMBER 14, 2017
Home features—particularly those that are technology-based—have a stronger pull on millennial home shoppers than the promotion of brand names, according to a new survey by John Burns Real Estate Consulting, conducted with 20,000 new home shoppers. Millennials tended to show a preference for tech-focused amenities that could make their lives simpler.
Young adults born in the 1980s and 1990s are half as likely as their parents’ generation to rank brand as the most important factor when selecting products in the home. They do check reviews online before buying, so the survey showed online reputation is also important to them.
The young adults born in the 1990s are more likely to pay an extra $3,500 for a smart-tech refrigerator than older adults. Younger adults may have less income to spend, but they showed a higher preference for technology, according to the survey.
“We believe that understanding your target buyer will help you make better business decisions,” notes Steve Basten, senior consultant, and Todd Tomalak, vice president of research, for John Burns Real Estate Consulting. “When marketing to older adults, focus on brand. When marketing to younger adults, focus more on features.”
Source: “Millennials Pay More for Features and Less for Brands,” John Burns Real Estate Consulting (Nov. 13, 2017)