Home News Releases Millennials Pay More for Features and Less for Brands

Millennials Pay More for Features and Less for Brands

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By Steve Basten, Senior Consultant

Our survey of more than 20,000 new home shoppers shows that millennials care more about features than brands—especially if those features involve technology that makes life easier or more fun. As a millennial, I am willing to pay for tech features that make life simpler, and I have to be convinced that paying extra for a brand is worth it. Our survey shows that my peers feel the same as me when buying products for the home.

Brands
Young adults born in the 1980s and 1990s are half as likely as their parents’ generation to rank brand as the most important factor when choosing products in the home. Since they do check reviews online, however, we postulate that your online reputation may be very important to them. See chart below.

Smart Tech
Young adults born in the 1980s and earlier are far more likely to pay an extra $3500 for a smart refrigerator than older adults born in the 1950s or earlier, even though young adults have less income to spend.

Conclusion
We passionately believe that understanding your target buyer will help you make better business decisions. When marketing to older adults, focus on brand. When marketing to younger adults, focus more on features. We have great research to help you make these decisions with confidence. I focus on our building products advisory business, and we have additional experts in all aspects of housing. Contact me or any of our team members for more information on how we can help you.