You've heard the phrases Generation X and Y tossed around in the media, but what do they actually mean? And more importantly what do they mean for remodelers?
Owens Corning recently surveyed members of Generation X (ages 23-35) and Generation Y (ages 16-22) to determine their interest in home ownership and home improvement.
"We found that Generations X and Y are very interested in home buying and home improvement, even more so than their Baby Boomer parents," says Jerry Oleshansky, vice president of marketing for Owens Corning.
Despite the common interest in home ownership, Generations X and Y desire different things for their homes. For example, Generation X respondents wanted homes that reflected their individuality, while requiring little or no maintenance. Generation Y respondents said it was important that their homes symbolize their success. The two groups also shop differently than their boomer parents. To capitalize on these growing markets, remodelers must tailor their services to meet the demands of each individual group. Some tips for reaching these new customers:
- Offer Internet-based services and information
- Use low-maintenance products
- Customize product offerings