How Millennials Created a Homeowning Boom and What That Means for HVAC
A surprising new report from the Census Bureau shows that Millennial homeownership is on the rise. About 40% of that generation owns the house they reside in. Earlier this year, Realtor.com predicted that Millennials would surpass 50%. That is more than Gen X and Baby Boomers combined.
Now, what does that mean for the HVAC industry?
Millennials are a part of the target demographic for who you will be marketing/advertising your services to. They make up most of the percentage of new home buyers, and what do most people do when they buy a new home? They will need or want to update their HVAC system. This means that your method of advertising has to reach the millennial demographic.
Millennials often visit social media channels to read reviews and learn more about a company. This means that advertising on Facebook, as well as other social platforms, has become much more important. These posts and advertisements will not sell your services in the way they sell to older generations. They need humor, and a personality that is relatable. Marketing towards Millennials is not cut and dry advertising. They respond to creativity and relatability, with a rewards program or financing options available.
Millennials have opened an entire new category of what ideal customers look like. They demand to be taken seriously and do a fair share of research before purchasing a product or service. They want smart systems, the best quality products and want to feel as though they are getting a deal. They are a huge market of new homeowners who have proven to be a booming consumer base, and they may be one of the last generations who take buying a home seriously.
There are 72.1 million Millennials in the United States, with 47.9% and growing, owning a home. That is 34.5 million new potential customers. Don’t ignore this unique customer base when working up your marketing/advertising strategy!
If you would like a representative from Gustave A. Larson to help talk through your strategy, reach out to us today!
Borland, K. B. (2021, February 12). After 2020, More Millennials Doubt Homeownership. Globe St. https://www.globest.com/2021/02/11/after-2020-more-millennials-doubt-homeownership/.
Craig, T. C. (2021b, January 25). Millennials Own Homes, Too. The News, 4.