With the purchasing ability of Millennials accelerating to its maximum and Boomers still enjoying an impressive presence in the market as well, the desires and needs of both generations are the hot topics in home construction. The Boomer population is expected to decrease between 74.9 million to just 16 million by midcentury, while the Millennial marketplace is now at around 83 million and is about to enter the peak of their consumption. This means that these two groups are worth paying particular pay attention to.
The good news is that the dominant generations share similar demands! Below are four important aspects that affect the purchasing habits and lifestyles of Boomers and Millennials.
Factor One is Ease of Living
Boomers and Millennials are in a phase of their lives where they are looking to put less emphasis on “stuff” rather than their own lives. This minimalist approach has transformed from the “keeping on top of the Joneses” attitude to a way of life that permits the Millennials and Boomers to “have more enjoyment in comparison to their Joneses.” To meet this need, this list of living characteristics to take into consideration when designing homes for Boomers and Millennials:
“Quality over quantity. This generation of discerning buyers is looking for homes with less footprint and spacious spaces that are well-designed.
It’s crucial to ensure that you ensure that the “lifestyle triangle” of a house is carefully designed. The flow is the function from the kitchen to the dining room and great room.
Have you planned ahead for the possibility of space-specific customization? Instead of a pantry in the back of the kitchen, buyers might prefer the option of adding an additional scullery or a tech center. Giving them the option to change the floor plan is a major selling point for both Boomers and Millennials.
* Low maintenance choices are essential! Consider solid surface countertops that don’t scratch or stain (quartz quartzite, quartzite), large format tiles, and floors that are easy to maintain (luxury vinyl or wood-look tile, laminate).
* Natural light, provided through strategically placed, large windows, allow small spaces to appear bigger and provide plenty of lighting.
* By adding artificial light sources (overhead or recessed lamps or under/over cabinet), Boomers and Millennials are well-lit even on cloudy days and in the evening.
Factor Two Factor Two: Experiences
Boomers are proven that they are healthier and richer than the previous generations; they are focusing their hard-earned cash on experiences, not products – just like the Millennials of today. Since this “experience time” drives the needs of the two generations, home builders have to redesign their products to be in line with this trend in lifestyle. To fulfill the need for “experiences over material things,” address the following when building homes for Boomers and Millennials.
For these two market segments, the kitchen is now the place to be for food, drinks, entertainment, and companions. Design a kitchen that Boomers and Millennials will be sure to eat up by incorporating features like an expansive island with seating (possibly the possibility of a double island) and the concept of a “messy cooking area” and storage solutions like beverage centers, pantries, wine cabinets, and cabinets.
* Millennials and Boomers want the feeling of having an outdoor space to be able to relax, unwind and entertain. (Notice the theme of entertainment?) Consider defining outdoor spaces as “liveable” spaces with additional spaces that accommodate entertaining, cooking, and relaxing. Walls with windows and the continuation of flooring and decor allow for a seamless flow from outdoor to indoor areas.
Home, along with an entire community, must take into consideration technology as a major need for Boomers and Millennials. In the end, they would like to use technology to “post” their experiences!
A luxurious master bathroom can be an ideal place for homeowners to unwind and relax. Showers, storage, and possibly additions like spa glass, without step-in entry, linear drain, hand-held as well as the rain shower head, and plenty of artificial and natural lighting.
* For the dominant generation, communities are as important as the home. Things like the location, catering kitchens, fitness, both private and public spaces, as well as outdoor living and community events, create an environment where people can enjoy their experiences.
Factor Three 3: Organization
The phrase “smaller yet more sophisticated” is never more relevant to these buyer profiles, as they gravitate toward homes that have thought-provoking design and plenty of storage. They’re drawn to the “experiences age,” and organization helps enable them to fully embrace this new trend. To satisfy the need to organize, it’s essential to take into consideration the following elements.
• The greater the storage space, the more storage! Options like pantries with walk-in closets, walk-in closets, and garage and attic storage let homeowners conceal all of their “stuff” and be able to focus on their own needs. Cabinet systems, along with lots of shelving within these spaces, provide a myriad of storage options that are smart and efficient.
* Boomers and Millennials want not to waste space. In terms of additional storage options, it’s essential not to overlook the untapped spaces and nooks. For example, if you have a bookcase that is under the stairs or even a tiny pull-out cabinet that can be used to store your spices, these careful features are the standout selling objects that really appeal to these buyers. The best places to concentrate on these innovative storage solutions are the high “drop zone” areas like the laundry room, along with bathrooms and kitchens.
* Vacuums, mops, blenders and tennis rackets, juicers, bikes – Boomers and Millennials are stuffed with items that require a “place that they can call home.” In fact, establishing a space for pets to rest, bathe and eat is an original selling point that will appeal to these affluent consumers. Make sure you think about the ways they use your space when you decide on the storage space.
The Factor Four of Individuality
Boomers and Millennials do not wish to miss the chance to showcase their distinctive taste and smart fashion sense, particularly when entertaining guests and family. It is essential to stay on top of the latest trends and then offer them to customers. Find out how you can achieve individuality by focusing on these aspects.
In a market-dominating style found on Houzz, Pinterest, and HGTV, Millennial and Boomer buyers are attracted by a modern and wide range of options. As fashion trends continue to shift swiftly, these highly-demanding consumers are looking for the next “cool” trend. This is why builders must be more stylish than their clients and review their options every year.
* The modern dream for Boomers and Millennials is to have an elegant yet relaxed home that speaks to the effectiveness of space and living. Flexible spaces that can be multi-purpose accommodate the different needs of both generations and allow them to showcase their personal preferences and style. If it’s a man’s retreat at the bottom of the house or crafting area in a loft or a room that doubles as a home office or guest room, Flex spaces are a great fit for buyers’ desire for individuality.
A well-thought-out merchandising strategy can “sell your dream.” By understanding how Millennial as well as Boomer’s preferences and needs, as well as the place of the project as well as the budget for the project, Interior merchandisers can design an appealing home style that entices prospective buyers. These buyers want minimalistic and clean with some splashes of color. In addition, by accentuating the flow, function, and versatility of furnishings and models, the ability to sell them is the best selling point that lets potential buyers visualize how the house meets and even exceeds their expectations.
With Millennials entering the market in large amounts while Boomers continue to splash out big home-buying dollars, the comparable demands of these two dominant generations are a major factor in home construction. Don’t pass up the chance to meet the needs of these two generations by understanding and acting on the four main factors that guide you, such as ease of living experience, organizational skills, and individuality.
