There are 4.8 million people in the U.S. who are 26 years old. They are the largest group of the Millennial generation, which is the largest generation in U.S. history. They are on the verge of dramatic lifestyle change that may involve marriage, buying a home or having a child. Millennials represent 42 percent of all homebuyers and 71 percent of all first-time homebuyers, according to Zillow Group, and 86 percent of Millennial homebuyers reported making at least one home improvement in the last year.
This is a different generation. Millennials grew up on the Internet and mobile devices. How to you reach this technologically savvy demographic? Consider taking a page out of West Elm, and create a design laboratory in your showroom where customers can meet by appointment with designers and browse different cabinet styles, countertops, hardware, appliances and countertops.
Millennials also are less likely to take on DYI projects, which spells good news for showrooms that offer a complete package. Consider offering in-showroom workshops on how to buy a new kitchen or bath or creating videos that illustrate the different considerations that need to be addressed for a new kitchen or bath to be successful. Millennials are one of the reasons JC Penney brought back appliances for the first time in 33 years and reported that it is one of its best performing merchandise segments. Much to Penney’s surprise, Millennials opted more often for higher-priced models, using appliances as a first-step in a kitchen remodel. Why should Millennials buy from JC Penney and not your showroom?
The key to targeting Millennials is to speak on their terms. Their first homes are likely to be smaller, focus on innovative storage solutions and products that can enhance living experiences.