Las Vegas, NV, Feb. 7, 2014 -- Better Homes and Gardens has released findings from its sixth-annual survey on the attitude and spending trends of home buyers.
This year’s research focused on Millennials’ preferences for their next home, and asked more than 3,200 prospective home buyers about home improvement spending, the importance of personalization, and technology in home value.
According to a recent report from the Boston Consulting Group, U.S. Millennials account for an estimated $1.3 trillion in direct annual spending. In addition, the report notes that in the next 15 years, Millennials will outnumber Baby Boomers 78 million to 56 million.
In a presentation at the International Builders Show in Las Vegas, Jill Waage, editorial director for home content, noted that “Millennials are swarming into the home marketplace armed with information, ideas and a passionate desire for personalization. Home builders, designers, and remodelers should know that this generation expects you to work with them as collaborators not just contractors.”
Waage notes that Millennials use a range of media platforms including social media such as Pinterest and Instagram among others to express their personality and share ideas on home design and style.
“We have seen an explosion on our social media outlets of Millennials exchanging everything from swatch styles for wallpaper to outdoor decorating designs. This generation wants homes that reflect their individuality and their sheer size will reshape the home market for decades to come.”
Like previous generations, the Millennial generation believes owning a home is part of the American Dream (79%) and that a home is still a good investment (77%) however; many are challenged to qualify for it.
The lack of a down payment, reported by 35%, was the greatest obstacle to making the dream a reality.
The Millennials are least likely to expect their next home to be newly built (18%) and most likely to say their next home will be a house they can fix up (23%).
Among those planning a home improvement project in the next 12 months, nearly 35% highly agree that “now is the right time to spend” on home improvements.
Among the respondents, 45% of Millennials said they are in the process of planning or doing a major home improvement or decorating project. And, 75% of this group report decorating with furniture and accessories.
In addition, work spaces in the home continue to gain importance. Out of those surveyed, 26% of Millennials said they are building or planning to build a home office, work space or family computing center. A reported 41% felt a combined office-hobby-crafts-art room was ideal.
When thinking about future projects, casual entertaining is very popular among Millennials, as 35% reported wanting to work on outdoor living or entertaining areas.
Millennials also want a home with personalization and seek out creative ways to improve the look and feel of their home.
Examples of personalization and home individualization include chalkboards, under stair storage, and adding bins and buckets to maximize shelving. Other personalization trends include a choosing industrial and vintage elements in the bathroom, sliding barn doors and considering children as part of décor choices.
Nearly 6 in 10 respondents report using a smartphone or tablet to access home-related information.