By Georganne Derick, MIRM, CAASH
As the building industry continues to weather the current economic storm, most
innovative design and marketing has stopped, and so have sales.
Smart builders, who saved their profits and increased their marketing efforts,
have fared better than most.
Those companies who have remained connected to the changing market needs have
served their clients quite well.
The reason? They know how to deliver the “Yes!”
Bye-Bye Boomers
There is a generational shift afoot that will change the economy and marketing
strategies and may profoundly impact the home buying market, according to Bill
Carroll, executive vice president of Model Home Interiors, an interior
merchandising firm located in Elkridge, Md.
The Baby Boomers are finally fading from the limelight, as their income becomes
fixed, their nest eggs dwindle, energy prices rise and home values fall. Their
suburban homes with long commutes are holding less appeal and have fewer
interested buyers. The city
’s edges are the current hotspots, where foot traffic supersedes road traffic,
where restaurants and cultural life are within walking distance.
Meet the Millennials
There are about 80 million of them, born between 1980 and 1995, and they’re rapidly taking over the economic influences from the baby boomers, who are
now pushing 60.
According to a CBS story reported by correspondent Morley Safer, Nov. 11, 2007,
this generation, also known as Gen Y, the EchoBoomers and the Net-Generation,
was raised by doting parents who told them how special they were.
They played in Little League where everyone was a winner, and no one lost. They
only take
“yes” for an answer. And they are not afraid to walk away from a job or a sale, if
they don
’t get what they want. ➝
By 2010 they are projected to have more economic influence than any other group
of people to walk the planet.
Wouldn’t you like to know what makes them tick?
“We’re not going to settle. Because we saw our parents settle,” says Ryan Dorsey, a millennial interviewed by Safer. “No longer is it bad to have four jobs on your resume in a year. But for our
parents or even Gen X, that was terrible. That
’s the new reality for us. And we’re going to keep adapting and switching and trying new things until we figure
out what it is. We definitely put lifestyle and friends above work.
”
Bea Fields, a consultant who trains, coaches, and consults for business leaders
of the next generation, says the five most important characteristics to
understand about the millennials are:
•Life is about being happy, giving back and having fun. It is NOT all about work.
By using technology, networking and creativity, they may be able to do in 30
hours what it takes others 60 hours to accomplish.
•Keeping up with technology and current trends is critical.
•Diversity is so integral to their lives that it isn’t even an issue that needs discussion.
