Despite all the jokes about younger generations not being able to afford homes because of their love of avocado toast, the National Association of Realtors is reporting that millennials now represent 43% of homebuyers — the highest share of any generation.
What’s more, young homeowners are more likely to spend on their home, with 65% planning on spending some of their discretionary income on home improvement compared to just 45% of older generations, according to Lowe’s 2022 State of the Pro report. Likewise, they’re expected to undertake nearly twice as many home improvement projects (3.8) as their older counterparts (2) this year.
Unsurprisingly, these home improvement projects can add up. As such, it makes sense that 83% of young homeowners say one of the most important factors they look for when hiring a home improvement professional is the ability to get financing. And younger generations especially fancy “buy now, pay later” (BNPL) options. In fact, nearly half of all Gen Z and millennials plan to use BNPL this holiday season.
What this means is that even if Gen Z and millennial homeowners aren’t your target demographic right now, it’s clear you can’t ignore them forever, or you could miss out on an entire subset of customers who are willing to spend money on your services. Below, we’ll share some tips on how to market your business to younger audiences — plus some bonus pointers on how to specifically talk about financing with them.
While you likely won’t need to adjust your core offering, you may need to adjust how you approach these younger customers, as each generation has different values. Here are a few simple ways to ensure your service appeals to younger homeowners:
Given that financing options are very important to young homeowners, it’s critical to ensure potential customers know it’s available — especially if you offer consumer-friendly options such as financing from Wisetack. Here are a few pointers on how to promote financing:
Today, millennials are the most valuable group of consumers — with Gen Z not far behind. Don’t leave money on the table by not focusing on these homeowners who are clearly willing to spend.
At Wisetack, we not only offer fast, consumer-friendly financing, but we also make it easy to tell customers about it. Want to learn more or get more tips on how to talk about financing with customers? Reach out, and we’d love to chat.
Despite all the jokes about younger generations not being able to afford homes because of their love of avocado toast, the National Association of Realtors is reporting that millennials now represent 43% of homebuyers — the highest share of any generation.
What’s more, young homeowners are more likely to spend on their home, with 65% planning on spending some of their discretionary income on home improvement compared to just 45% of older generations, according to Lowe’s 2022 State of the Pro report. Likewise, they’re expected to undertake nearly twice as many home improvement projects (3.8) as their older counterparts (2) this year.
Unsurprisingly, these home improvement projects can add up. As such, it makes sense that 83% of young homeowners say one of the most important factors they look for when hiring a home improvement professional is the ability to get financing. And younger generations especially fancy “buy now, pay later” (BNPL) options. In fact, nearly half of all Gen Z and millennials plan to use BNPL this holiday season.
What this means is that even if Gen Z and millennial homeowners aren’t your target demographic right now, it’s clear you can’t ignore them forever, or you could miss out on an entire subset of customers who are willing to spend money on your services. Below, we’ll share some tips on how to market your business to younger audiences — plus some bonus pointers on how to specifically talk about financing with them.
While you likely won’t need to adjust your core offering, you may need to adjust how you approach these younger customers, as each generation has different values. Here are a few simple ways to ensure your service appeals to younger homeowners:
Given that financing options are very important to young homeowners, it’s critical to ensure potential customers know it’s available — especially if you offer consumer-friendly options such as financing from Wisetack. Here are a few pointers on how to promote financing:
Today, millennials are the most valuable group of consumers — with Gen Z not far behind. Don’t leave money on the table by not focusing on these homeowners who are clearly willing to spend.
At Wisetack, we not only offer fast, consumer-friendly financing, but we also make it easy to tell customers about it. Want to learn more or get more tips on how to talk about financing with customers? Reach out, and we’d love to chat.