Improvement companies need to evolve to capitalise on millennial market
Posted on 12/08/2016
Home improvement companies need to evolve their businesses if they are to suit the needs of the next generation of homebuyers.
This is the view of Jeremy Brett, Director of the Consumer Protection Association.
The average age of a first-time homebuyer has now reached between 35 and 37 according to a recent study from accountants and business consultants PwC.
Now, as the older members of the millennial generation – defined as ages 28 to 36 – start entering their prime home buying years, Jeremy says the home improvement industry is starting to see how their tastes differ from their predecessors.
Near the top of millennial’s wish lists are smart, energy efficient homes with an inspiring outdoor space.
Jeremy comments: “Millennials are often saddled with student debt, making them more likely to purchase an older home for less money up-front and pay for improvements as they go.
“Unsurprisingly for this tech-savvy generation, millennials are hot on smart technology for the home. They are also energy conscious, opting for improvements that will reduce energy consumption and save them money in the long-term.
“Millennials also expect a broader range of home improvement choices and will go online to compare products and services. They are looking for a company that cuts through the noise so home improvement firms need to strike a balance between endless assortment and the right level of know-how.”
Jeremy also says due to the prevalence of social media, things like Pinterest home improvement boards and instructional YouTube videos coupled with aspirational home improvement shows, have made millennials more interested in DIY projects than previous generations.
He comments: “We have commented on the rising trend of increasing DIY spending but with the younger generation being less skilled when it comes to carrying out DIY projects, the percentage of consumers between the age range of 20 to 35 years old who are confident in carrying out DIY projects is on the decline.
“Instead, they will rely on third party assistance and the best thing for them to do is go straight to a specialist. Companies listed under approved tradesmen schemes, such as the CPA, are qualified for the job and can offer Insurance Backed Guarantees and Deposit Protection to protect the homeowner should anything go wrong.”
