By John Kmitta
Millennials as a generational group are often stereotyped (usually by those who aren’t millennials). But millennials are no joke. According to Goldman Sachs, the millennial generation is the biggest in U.S. history – even bigger than the Baby Boom. Based on U.S. Census Bureau data, there are 92 million millennials in the U.S. (compared to 61 million Gen Xers and 77 million Baby Boomers).
As millennials enter their peak home-buying years, they also represent a tremendous opportunity for outdoor power equipment dealers.
Just a couple years ago, data suggested that millennials were more apt to live with their parents or rent apartments than own their own home. But recent data, most likely the result of rising rental prices, shows a strong trend toward millennials owning their own homes.
A recent survey conducted by Home Depot found that millennials are particularly “home conscious” and competitive, with 70 percent admitting to feeling this pressure and nearly 50 percent responding to it by completing a home improvement project specifically to outshine their neighbor. Eighty-nine percent who tried to outdo a neighbor’s home project did so with a new outdoor project.
A Houzz Landscaping Survey of more than 750 U.S. homeowners (of varying generations) who are in the midst of, are planning, or recently completed a landscaping project, found that more than half of homeowners (56 percent) who completed their outdoor renovation spent (or are spending) more than $10,000.
And according to a HomeAdvisor survey, millennials are closely behind Baby Boomers when it comes to spending more on home improvement. The survey also found that millennials tend to do it themselves (while project spending is up among millennials, less than half report always hiring a professional to complete those projects).
Field Agent found that 85 percent of millennials who responded to its survey participate in some form of “green” activity, and of those respondents, 86 percent make at least occasional lawn care-related purchases, 29 percent do so “fairly” often and 6 percent do so “very often.” Of the 85 percent who do participate in “green activities,” 63 percent handle lawn care, including 84 percent of those who are homeowners.
According to Field Agent, 73 percent of millennials seek out family or friends for information on purchasing lawn and garden equipment; 48 percent use a smartphone or other device for such information; 44 percent ask store employees for advice; and 38 percent use company/brand websites.
So forget the cliché generalizations about millennials, and look at the numbers. The millennial generation is big; millennials do their research; and a growing number of millennials are buying homes – with yards. They will need outdoor power equipment to tend those properties. So, how do you gain their business?
This issue of Outdoor Power Equipmentmagazine examines key data related to millennials, and how that data can be used to your advantage (see page 22); provides insight on attracting the attention of millennials (page 23); and analyzes research regarding the impact of Amazon on how customers – especially millennials – shop for outdoor power equipment (page 26).
So enjoy this issue, good luck reaching all generations, and have a great month.