Consumers are an ever-changing bunch, so it’s always an exciting time when the tide turns in favor of your industry. And if you’re in the home improvement industry, we’ve got good news for you. Despite the recent changes in the economy related to COVID-19, home improvement spending is holding strong, and even on the rise in many places, with no sign of slowing down any time soon. In fact, home improvement is the quickest-growing retail category at the moment, with homeowners jumping at the chance to do anything they can to make their home a more enjoyable place to be.
And a sizable chunk of that market today includes millennials.
Many factors are influencing the rise of home improvement spending. For example, many of today’s younger home buyers care more about the location of their home rather than finding the “perfect” home in a less ideal location. Outdated homes in a great neighborhood with desirable amenities are far more valuable than luxurious homes in a bad location.
Popular renovation shows like HGTV’s “Fixer Upper” and “Property Brothers” have given young home buyers the inspiration and confidence they need to tackle home improvements on a fixer-upper of their own. And since homeowner equity has almost doubled in recent years, many homeowners are eager to put some of that value toward their dream kitchen or high-end bathroom.
After years of renting and establishing their careers, the millennial generation is diving into homeownership. These 25-35 year-olds are investing in more home improvement projects than other age groups, which will boost the industry for years to come.
These factors are working to the benefit of contractors and other companies in the home improvement market. But, that means many new businesses will be popping up to capitalize on the trend, and competition will continue to heat up over the years. So how can you stay relevant during these times?
One important way contractors will need to adapt and keep their competitive edge is by marketing specifically to millenials. This generation has come of age in a world completely different from the gen-X and baby boomers before them, and marketing needs to be tailored to reflect those differences.
Key elements of a millennial-friendly marketing approach include:
Providing millennials with home improvement payment options can go a long way to helping them be more comfortable with investing in their homes. These choices can really set your contracting business apart from the competition. By offering home improvement financing, you’ll enable customers to get the financing they need more quickly and easily — and that means closing more deals, and completing large or more expensive renovation projects.