17 May Study Reveals Shopping Habits By Generation
In March, Nielsenwire.com released a report that helps businesses understand the shopping and media habits of differing generations. This study is an important tool when it comes to developing promotion, advertising, and marketing strategies. Its findings are based on the buying habits of millennials, generation x, boomers, and the greatest generation (64+ of age).
Understanding the buying habits of each generation can no doubt help home builders figure out what their target markets may be looking for. For example, millennials don’t like to waste time shopping in stores. If they do make the journey to a store, which is becoming more unlikely thanks to e-commerce, this generation gets in and gets out quickly.
How can this relate to real estate?
For starters, this reinforces the idea that millennials will seek out only those properties that are appealing to them online. That means that the odds of them visiting a home largely depend on whether or not they caught their attention on the Internet. This could include a website, social media profiles, or online listings. If your website can’t be easily found then I wouldn’t expect any inquires from this generation. This is why web presence is important in real estate. Consumers of most generations do their research first and then choose a couple of properties to visit. It is very important that your property be a part of that research.
This is only a small part of what the report talks about. It has information, a breakdown of characteristics, and marketing suggestions for each generation. Regardless of what generation you are marketing to, a strong understanding of how it communicates, consumes, and learns will greatly help you in product development and marketing.