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The Impact of Generation Y on New Home Sales

A lot has been written about Generation Y as they begin to exert their influence on politics, markets and the world in general.  They are NOT a monolithic group that all think the same way and support the same things as a label like “Generation Y” would seem to imply.  That said, they are a generation that has grown up with digital technology.  It is not something strange and foreign or something to be feared but an expected and accepted part of life.  Digital communication is integrated into their lives.

Traditional business are scrambling, trying to figure out how to respond.  Are brick and mortar stores obsolete where there is no need to see, feel  or touch the products purchased?  Traditional retailers are SCREAMING about customers that come into a store, look at the merchandise and then buy on line from an on-line competitor.  Is an online presence all that is needed?  If we didn’t have the option of visiting a store and personally checking out the merchandise would we be comfortable relying totally on review sites?  How does a customer ascertain the quality level, the fit and finish, without physically seeing the product?

Because there are so many unknowns, business is looking for answers and the “Experts” are quick to fill in the void.  You can learn that 29% of Gen Y are Optimistic but Cautious and believe they can have a direct impact on the world (Expert recommendation  give a portion of the proceeds to charity as a marketing strategy).  22% have attraction to areas of health, travel and family (expert recommendation, show how these three aspects are enhanced by purchasing the target product).      See the Studies done by the Forte Foundation and others.  This is applying traditional marketing principals to the new generation but it misses the point.  Generation Y will “Change How We Buy Things” not simply change the buzzwords or the gimmicks that will work.

The world wide web is a resource.  Who doesn’t at least consult the Internet before purchasing an Automobile?  These days most people go online, see what is available, check what their trade in is worth before they ever show up at a dealership.  The same is true with home building.  Purchasing a home is a big investment.  People want to understand the facts BEFORE they walk into a model and meet with a sales representative.  They do that by visiting sites like New Home Source and New Home Guide.  They find a builder and visit the builders web site.  If virtual tours or on-line chat tools are provided all the better.  As consumers they are getting educated before going into a sales center just like getting educated before walking into a car dealership.

What does the future hold?  Will big box stores go away and give way to smaller high volume shops where products without frequent inventory turns are ordered online?  Will car dealerships grow in the number of cars offered but shrink in the size of new car inventory maintained on site?  Will builders consolidate their model centers and  show the home styles offered in one place instead of showing one or two models at each community?  Generation Y will decide.

Do you want information before you visit?  Talk to an Internet Concierge from Maronda Homes.  Just click Chat or Contact Us from the Website www.marondahomes.com.

About Tom Greenawalt

Tom is a Licensed Builder in the State of Florida. He has been in the construction industry for 35 years building new homes in Pittsburgh, Washington DC, and Chicago before moving to Central Florida. The majority of Tom's career has on detached housing for entry level and first time move up buyers. He was with Maronda Homes for over 15 years.

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