As independent retailers, you are already keenly aware of the need to appeal to younger shoppers in order to keep your business thriving. A report by Standpoint Marketing Research, Stop Obsessing Over the Baby Boomers: Isn’t Anyone Paying Attention to Young Homeowners?, hits the nail over the head in terms of the need for businesses like yours to shift their focus to the up-and-coming consumer base — and understand the key differences between young homeowners and homeowners from older generations.
Young homeowners are more willing to make tradeoffs to achieve a higher quality of life, the report finds, which for the home improvement industry can translate into increased demand for goods and services that will help homeowners create a more customized, personalized living space. With the growing trend of transforming backyards into outdoor living areas, garden centers can stand to benefit from this mentality.
The study also examines the following key findings:
- Young homeowners place considerable value on personal time.
- Young homeowners want projects done promptly.
- Access to money is not a barrier.
- Homes are investments.
- “Just acceptable” is not good enough.
By understanding these critical characteristics of that coveted new consumer base, you can help restructure your approach so that you are also catering to the specific wants and styles of young homeowners. To download the complete study for yourself, click here.
