Culinary Institute Of America Team Building Venues Design Solutions for Like-Minded Lifestyles: Merchandising for Millennial and Boomer Buyers

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Design Solutions for Like-Minded Lifestyles: Merchandising for Millennial and Boomer Buyers

With the purchasing power of Millennials pushing to its peak and Boomers still the strongest consumers, the needs and desires of these two generations are the hottest topics in home building. The Boomer population is expected to decline from 74.9 million to 16 million by middle age and the Millennial market is at 83 million and entering their prime spending years. So, these are two groups to give great attention to.

Good news, these ruling generations have the same needs! Below are four major factors influencing the lifestyle and purchasing decisions of Millennials and Boomers.

First: Living a Simple Life

Millennials and Boomers are at a point in their lives where they want to focus less on “stuff” and more on themselves. This down-to-earth approach has turned “keeping up with the Joneses” into a lifestyle that helps them “have more fun than the Joneses.” To combat this desire, here are a few things to consider when building homes for Millennials and Boomers:

• Quality in quantity. These demanding generations are looking for a home that has a small footprint with a well-designed space.

It is important that the “triple life” of the house is properly designed. This is a walk in service from the kitchen, dining room and great room.

• Have you planned on changing the space? Instead of a pantry outside the kitchen these buyers would like to have the flexibility of putting in a scullery or tech center. Giving them the ability to change the floor plan is a big selling point for Millennials and Boomers.

• Few maintenance options are necessary! Consider hard surfaces that won’t chip or stain (quartz, quartzite), large-sized tiles and easy-to-maintain floors (high-quality vinyl, laminate, wood-look tiles).

• Natural lighting, created by well-placed windows, makes small spaces appear larger and provides ample light.

• By layering artificial light sources (overhead, shutters, lamps, under/above the cabinet), Millennials and Boomers have a well-lit environment even on cloudy days or at night.

Principle Two: Experience

As Boomers appear to be healthier and wealthier than previous generations they desire to spend their hard-earned money on experiences instead of material things – just like today’s Millennials. Because this “information age” is driving the interests of these two generations, home builders must rethink their products to see what’s growing. To meet the desire for “experiences,” address the following issues when building homes for Millennials and Boomers.

• At these two markets, the kitchen has become a place for food, drink, entertainment and friends. Create a kitchen that Millennials and Boomers eat in with things like a large island with furniture (perhaps a double island), a “spoilt kitchen” and storage ideas like wine racks, wine cabinets, cabinets and cabinets.

• Millennials and Boomers crave outdoor experiences where they can relax, unwind and have fun. (See the entertainment story?) Deeply market the outdoor space as a “visual” square footage with accessories that complement cooking, dining, relaxation and entertainment. The walls of windows, as well as the continuity of the floor and style, create a seamless flow from the house to the outside.

• Homes, as well as communities, need to address technology as a priority for Millennials and Boomers. After all, they want to be able to “record” their countless adventures!

• A spa-like bathroom is a place for homeowners to relax and unwind. It’s all about the shower, storage and add-ons such as a spa mirror, a walk-in shower, a line drain, hand and rain shower heads, and plenty of natural and artificial light.

• For these older generations, community amenities are just as important as the actual home. Features such as space, dining kitchen, fitness, public and private spaces, outdoor seating and social activities create a social environment where events can flow smoothly.

Element Three: Organization

The phrase “small, but smart” has never been truer in the history of these buyers as they gravitate to a home that has good service and plenty of storage. These consumers are attracted to the “time of events,” and the organization helps them to adapt to these critical events. In order to fulfill the desire of the organization, it is important to consider this.

• The more storage, the better! Features such as walk-in closets, pantries and storage areas and garages allow these homeowners to hide their “stuff” and think about themselves. Cabinet systems, as well as many shelves, within the space create the ability to store various things.

• Millennials and Boomers don’t want wasted space. When it comes to extra storage, it’s important not to overlook unused nooks and crannies. Whether it’s under-the-stairs book storage or a small pull-out cabinet for condiments, these are some of the products that appeal to these consumers. Areas to consider for these storage ideas are high “drop zone” areas such as the owner’s entryway and laundry room as well as kitchens and bathrooms.

• Mops, vacuums, blenders, juicers, tennis rackets, bicycles – Millennials and Boomers have a ton of things that need “a place to call home.” Even creating a place for four-legged friends to sleep, bathe and eat is a unique selling point that appeals to these large markets. Be sure to consider their lifestyle when choosing a storage location.

The Fourth Element: Individuality

Millenials and Boomers don’t want to miss an opportunity to show off their unique taste and savvy style, especially when entertaining friends and family. It’s important to know what’s going on, and deliver it to these consumers. See how you can achieve individuality by looking at the following features.

• In a consumer world dominated by designs seen on Houzz, Pinterest and HGTV, Millennial and Boomer consumers are drawn to updated and diverse options. As trends continue to change rapidly, these key people are looking for the next “cool” thing. With this in mind, builders need to be more stylist-savvy than consumers and review options every year.

• The dream of today’s Millennials and Boomers is a comfortable, yet elegant, sanctuary that speaks volumes about space and living. Multipurpose flex spaces can meet the needs of these two generations while allowing them to highlight their interests and personalities. Whether one creates a den in the basement, a craft room in the attic or an extra room that can be used as a den or guest room, flexible spaces appeal to these buyers for privacy.

• Smart marketing can truly “sell the dream.” By understanding the desires of Millennials and Boomers, project locations and overall budgets, interior designers can create home designs that appeal to buyers. These target markets want to keep things clean and simple with added pops of color. And, by highlighting the flow, functionality and flexibility of the materials, selling the brand can be a popular feature that allows these buyers to see how the home works and exceeds their expectations.

As Millennials enter the booming market and Boomers continue to spend more on housing, the same needs of the demographics are the biggest goals in building a home. Don’t miss the opportunity to address the needs of these two generations by identifying and acting on four key drivers – lifestyle, experience, balance and individuality.

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