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Design Solutions for Like-Minded Lifestyles: Merchandising for Millennial and Boomer Buyers
With the purchasing power of Millennials pushing to its peak and Boomers still holding strong consumer positions, the needs and desires of these two generations are hot topics at home. The Boomer population is projected to decline from 74.9 million to 16 million by mid-century and the Millennial market is now at 83 million and entering their peak years. So, these are two groups that pay off big time.
The good news is, these elites have similar needs! The following are four key factors influencing the lifestyle and choices of Millennials and Boomers.
Factor One: Ease of Living
Millennials and Boomers are at a stage in their lives where they want to focus less on “stuff” and more on themselves. This minimalistic approach has changed the “keeping up with the Joneses” mentality to a lifestyle that allows them to “have more fun than the Joneses.” To address this desire, here are some basic lifestyle factors to consider when building homes for Millennials and Boomers:
• Better than most. This demanding generation is looking for a home that has a small footprint with quality amenities.
• It is important that the “life triangle” of a building is to be designed. This is the flow and function of the kitchen, dining room and great room.
• Have you planned ahead for site customization? Instead of placing a pantry out of the kitchen, buyers may want to have the convenience of putting it in a scullery or tech center. Offering them the ability to customize floor plans is a great selling point for both Millennials and Boomers.
• Low maintenance options are a must! Consider surfaces that won’t chip or stain (quartz, quartzite), large tiles and simple floors (luxury vinyl, laminate, wood-like tile).
• Good lighting, created by putting out ideas, large windows, allowing a small space to see a larger area and provide enough light.
• By providing lighting equipment (overhead, recessed, lights, under/over shelves), Millennials and Boomers have a well-lit space whether it’s a cloudy day or night sky
As Boomers have proven to be healthier and wealthier than previous generations they are more motivated to spend their hard earned money on experiences rather than things – like today today’s Millennials. Because this “experience” is driving the needs of these two generations, architects must rethink their products to reflect this growing lifestyle. To enjoy the “experience of things,” address the following when designing homes for Millennials and Boomers.
• For these two business purposes, the kitchen has become a place of food, drink, entertainment and friends. Create a kitchen that Millennials and Boomers are sure to eat in with features like a large island with seating (maybe two islands), “inside kitchen” and storage ideas storage such as beverage stations, wine cabinets, pantries and cabinet systems.
• Millennials and Boomers want to experience outdoor spaces where they can relax, go out and have fun. (Notice the fun theme?) Think of outdoor products as “livable” square footage with extras that make cooking/dining, relaxing and entertaining. The window wall, along with the continuation of the flooring and style, creates a harmony between the indoors and outdoors.
• A home, as well as a community, must address technology as a key demand for Millennials and Boomers. After all, they want to be able to “release” their experiences!
• The master bathroom is a hotel for relaxing and going out. It is all about the shower, storage and the ability to add details such as glass, no steps to enter, water drains, handles and rain heads, as well as many electrical appliances and lighting.
• For this important generation, community amenities are just as important as the actual home. Features such as space, catering kitchen, fitness, public and private spaces, outdoor living and community activities create a close relationship where the experience can be prosperous.
Thing Three: Organization
The saying “smaller, but smarter” has never been more true for these buyers as they enter the home with a focus on functionality and plenty of storage space. These buyers are drawn to the “experience,” and the organization helps make it possible for them to maintain this enjoyment. To fulfill the desire for the organization, it is important to consider the following features.
• The more storage, the better! Features like walk in closets, pantries and attics and garages let these homeowners hide their “stuff” and focus on themselves. Cabinet systems, as well as many cabinet spaces, in these areas create many smart devices.
• Millennials and Boomers want no space left. When it comes to extra storage, it’s important not to overlook the nooks and crannies. Whether it’s a box at the bottom or even a small shelf to store spices, these beautiful details are the selling points that delight these buyers. The focus areas for creative storage ideas are the high “spaces” such as the master entry and laundry room as well as the kitchen and bathroom.
• Mops, vacuum cleaners, blenders, juicers, tennis rackets, bikes – Millennials and Boomers have a ton of things that need a “place to call home.” Even creating an area for four friends to sleep, shower and eat is a unique product that is appreciated by this important business. Always consider how they live when deciding on storage space.
Four Four: One
Millennials and Boomers don’t want to miss the opportunity to show off their good taste and experience, especially when hosting friends and family. It is important to follow the current trends, and provide these buyers. See how personalization can be achieved by focusing on the following characteristics.
• In a world dominated by designs seen on Houzz, Pinterest and HGTV, Millennial and Boomer buyers are drawn to new trends and more options. According to the rapid changes, the needs of the public want the next “cool”. With this in mind, manufacturers should be more knowledgeable than their customers and re-evaluate options every year.
• Today’s dream for Millennials and Boomers is a relaxing, but stylish, sanctuary that emphasizes the functionality of the space and living. Multipurpose flex spaces can serve the many needs of these two generations while allowing them to express their interests and personalities. Whether it’s a man cave in the basement, a craft room in the loft or just an extra room that can double as a guest room, flex space delights people. shopping’ for personal desire.
• Thinking about selling can “sell the dream.” By understanding the Millennial and Boomers’ desires, the location of the project and the overall budget, interior salespeople can create a home design that appeals to buyers. This marketing plan wants to be clean and simple with added color. And, by showing the flow, function and change with the property, the sales model will be the selling point that allows the buyer to think about what to do. how the building met and exceeded their expectations.
As Millennials enter the home market in significant numbers and Boomers continue to spend big on real estate, the matching needs of these key demographics are key factors in housing. Don’t miss the opportunity to address the needs of these two generations by recognizing and following the four principles – ease of living, experience, organization and identity.
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