By Jay Wilson
What do Millennials want? Whether it’s shopping or reading the news, they want the ability to do so on a mobile device.
In a recent webcast, Millennials: That Elusive Cohort by Metrostudy, a housing intelligence research company, found that in order to reach and convert Millennials, today’s brands must be mobile.
Because Millennials are now the largest and most diverse generation, consisting of 75.4 million people, technology has grown exponentially in the past 20 years. This growth has motivated businesses to appeal more to their growing consumer base.
A majority of Millennials own smartphones and spend about 67 hours a week consuming media through digital and traditional means. Also, because Millennials have taken a more mobile approach to life, they prefer text messages over phone calls. Text messages can be sent and received on one’s own schedule, while phone calls are often disruptive and are used in more immediate circumstances.
Nowadays, it’s not enough for businesses just to be a recognizable brand anymore. Businesses have to create noteworthy content as well as have a reliable and consistent network. Crafting an online profile makes it easier to reach out to the Millennial consumer base.
Millennials are generating a “shared economy,” which allows a widespread service of goods to a greater number of simultaneous consumers. For example, the industry of sharing or renting cars has become more popular now. Other on-demand services are also growing in popularity.
This attitude has also affected Millennials’ home life. The number of renters has increased to 60 percent as of 2013, which is an increase of 8 percent since 2005. A primary reason for this comparatively ephemeral lifestyle is because of the amenities that many communities offer.
Though the number of renters has grown, almost 95 percent have an aspiration to own their own home someday if they don’t immediately go out to purchase one as soon as they are able. These new homeowners aren’t interested in owning a lot of land, because they don’t want to deal with maintenance. They desire a home with character and with farm-to-table everything, such as food, home décor and furniture.
One reason Millennials delay homebuying boils down to a Millennial’s current lifestyle. What these potential homeowners want, outside of something affordable, is a home that fits their needs.
Millennials want a reasonable commute between their home, work, peers and health care. They’re moving to new neighborhoods with lower rent, direct access to downtown and a trendy, unique atmosphere. They want the luxurious amenities of an apartment community, while also living in a diverse and accessible neighborhood.
Millennials are in a place where they can make their opinions and needs known to not only to the home industry who can better assist them and learn from them, but they can also challenge businesses in other industries to connect on a more efficient level.
The Metrostudy webinar found that despite the inability or lack of desire to make large, life-impacting purchases, Millennials are helping move the economy in a more symbiotic, communicative manner.
Jay Wilson is a contributor to New Home Source, where you can search for newly built homes across the country.