01 Feb How do Millennials Differ from Boomers in their Approach to Home Improvement
In 2021 we conducted a survey looking at home improvement trends. We wanted to know what homeowners planned to spend their money on and where they get their information. We also looked at how millennials differ in their approach to home improvement. As the largest demographic and the largest home-buying group, you must differ in your approach to win them as customers.
Different Purchase Drivers than Baby Boomers
While baby boomers typically look for deals, millennials are value, image, and quality-driven. For millennials, each purchase is highly researched and carefully considered. Price isn’t as important as recommendations from trusted sources. Price isn’t as important as an innovative product or having the newest and best functioning product. Millennials will blow the budget if they perceive the quality is worth the overspend. Better to have a high-quality product that will last for many years, rather than a cheap product that won’t stand the test of time.
Different Values than Boomers
In our study, more than 60% of boomers were likely to complete a home improvement by themselves compared to just 44% of millennials. Millennials are also 52% more likely to hire a professional. While we didn’t ask qualitative questions, my assumption based on my experience as an “old” millennial raised by boomers is this. Many boomers value money more than their time. They also value the pride of accomplishment in completing a project (we do too, just not as much as our time). When I was younger, I discovered by the time I bought the supplies, the tools and spent the time to learn how to complete a project, I could have hired someone to get the project done, went golfing or to the lake, and have been money ahead. I likely would have had a better outcome as well.
Different Interest than Boomers
Millennials are more likely to spend their time with friends and family. They are more likely (21.6%) to improve their outdoor entertaining spaces than boomers. This was across all outdoor categories, decks, hardscape, outdoor fire pits, outdoor kitchens to name a few. Millennials are solidly more interested in yard games compared to boomers, who are more interested in watching birds and wildlife.
- Market new products with value-added features to millennials. Focus sales and promotions to Boomers.
- Have options for professional installation and be sure to offer this to millennials at the time of sale.
- Showcase outdoor product displays and advertisements with young people engaging in fun activities.
Do you have questions you’d like answered about home improvement? We are planning our 2022 Home Improvement Survey and would love your input. What questions did we miss in the 2021 survey? Let us know!
Also, catch us next week at the International Builders Show. Do you have a new innovative product? We want to know about it.