Millennials and Remodeling: News You Can Use!
When we think about target audiences for remodeling, Millennials are usually not the first population to come to mind. However, as Millennials begin to make up more of the workforce, their capacity for home buying and improvement is increasing. In fact, according to a recent report by Home Advisor, Millennials are becoming a growing force in the remodeling industry. This has important implications for refinishers as this trend could present new opportunities for growth and will no doubt shape the business over the next several decades.
Though the report showed that the baby boomer generation still accounted for the majority of growth in the remodeling sector, Millennials are a close second group. They also have a unique characteristic that sets them apart from other populations, which is a strong desire to customize their space and make it their own. This may be because this generation, which came of age in the era of social media, highly values authenticity. This then translates into a need for a more personalized and homey space.
Another reason that Millennials are becoming a stronger force in the remodeling sector is that they face much more financial strain than previous generations did at their age. Soaring student loan debt and the economic crash from ten years ago means that most Millennials have fewer funds at their disposal than their parents did at the same stage in life. Because of this, they can often only afford older, cheaper houses, and these houses will require a lot of upkeep and repairs over time. The Home Advisor report found that Millennial homeowners spend more than any age group on home improvements except for baby boomers.
Millennials also have a higher capacity for DIY projects, as this method is almost always cheaper than hiring a professional. DIY projects allow Millennials to express their creativity in shaping their space, as well as to save money. However, this can also mean that Millennials more often require professionals to help fix DIY projects that perhaps did not turn out as well as expected (such as bathtub refinishing!). As Millennials age and become more financially stable, studies show that they then tend to begin hiring professionals to complete projects on a more regular basis.
We hope you will be able to take this information and implement it into your business strategy, and hopefully be able to acquire new customers within the Millennial market!