Friday, May 4, 2012

Builders Need to Understand the Gen Y Home Buyer

Gen Y, people born between the mid 1970's to the mid 1990's, is the second largest group by age behind Boomers but it's now the wealthiest generation in our history.  It is estimated that there are 70 million Gen Y's out there.  In addition, within this group, one is three is not Caucasian.

Gen Y will soon be the bulk of our new home buyers and our workforce.  They are more connected than any prior generation.  For them "now" means "right now."  They text rather than phone, they multitask rather than focus and their social networks have more influence on their purchasing habits than any other force.
 
Opportunities for new home builders include providing education and advice about new homes and especially modular homes.  Builders need to provide this information not only in face to face meetings but also in ways that reach the Gen Y buyer like Facebook, Twitter and Google +.  Builders have to use their existing Gen Y home buyers to help spread the word through these social media channels.  The days of just putting an ad in the newspaper or only having a website are over. 

If you are "Boomer" modular home builder and try to continue doing business without a horse in the Gen Y race, you're going to lose even if you build the best house in your town.  Gen Y'ers communicate with each other like no generation before.

And let's not forget the next generation coming up, Gen AO, "always on."  This is a generation that will be even harder to reach if you haven't even begun to understand the Gen Y crowd.

If you haven't been keeping up with the latest ways to market to this group of new home buyers, it's not too late.  Keep reading Modular Home Builder for help in getting these folks to build their new home with you.


1 comment:

Brian Young said...

Great info for longevity. Thank you for demographics!