The current situation:
The number of Millennial homeowners increased by 7.1 million between 2017 and 2022 to 18.2 million. This is the first time Millennial homeowners outnumbered Millennial renters, which stand at 17.2 million. While there are significantly more Boomer homeowners (32.1 million), Boomers are less likely to take on major home improvement projects – making Millennial homeowners a prime target for brands and retailers.
What consumers are saying:
49% of Millennial homeowners in this week’s Consumer Pulse intend to complete a major home improvement project during the fall and winter. Our Consumer Pulse report looks at how Millennials – as well as their generational cohorts – will approach major home improvements over the next several months. For example, when it comes to Millennial homeowners:
• 60% of those who plan on renovations anticipate 3 or more major home improvement projects.
• 53% will have a Pro purchase all the materials and tools needed for the work.
• 71% say 1 or more of their major projects are a carryover from the first half of the year.
The Outlook:
The homeownership rate among Millennials hit 52% in 2022, which compares to 71% for Gen X and 79% for Boomers. Millennials will continue to drive the first-time buyer market, indicating a lot of potential future growth for home improvement brands and retailers among this generational cohort. It is important to communicate directly with this audience and find ways for your brand to resonate with their wants and needs to share in the growth.
Do you want to take the Pulse of your customers? Our Insights team will partner with you to design a study that will help you better understand your customers and their problems, and how your brand can win at retail.
To get additional insight into what this means for brands and retailers, read the entire study.