Ah, Millennials. The generation people love to hate. If we turned conferences and publications into drinking games, Marketing to Millennials would be the phrase that was sure to finish us off.
Millennials are the generation born between 1981 and 1995-ish (depending on who you ask, these parameters change slightly). They are currently between 24 and 38 years of age, and they are the largest generation on the planet. By 2025, they will make up the majority of the workforce in North America.
Millennials are the most racially and ethnically diverse generation ever as their growth has largely been a result of immigration. 14% of Millennials are first-generation and have strong ties to their roots.
Overall, Millennials get a bad rap in the media. Often labeled as entitled, lazy, and unfocused – they have been commonly scoffed at as the “young’uns”. But this is the most self-expressive, diverse, and connected generation we’ve ever seen. They have grown up with unprecedented access to the Internet, real-time data, on-demand communication, and far-reaching crowdsourcing abilities. And despite their high student loan debt, according to Realtor.com’s Housing 2020 Forecast, millennials are projected to contribute to over 50% of mortgage originitation in the US and are estimated to be at their peak of homebuying in 2020.
That’s right, Millennials are buying homes. Lots of them. People under the age of 36 make up more than half of the homebuyers in North America currently. So, what do we know about their expectations of Realtors? Of particular interest is, what does that mean for us and the way we market to them? Let’s look at three key reminders when it comes to marketing to millennials.