Three Generations of Buyers
Category Seller Information
Gen Z, Millennial's & Gen X
The age gap may not be massive, but the different economic and cultural experiences that three generations have experienced, in just under 30 years, has created three very different mindsets, and consumers.
Generation Z is the generation that came after the 2008 recession. Born after 1998, they are the generation raised on social media and technology. When it comes to these buyers, real estate agencies will have to reevaluate how they approach their selling method. Online portals for viewings, will need to be presented first, with marketing that is appealing and to the point. Interestingly, research shows more than 50% of this generation are already saving for their first home, perhaps growing up in a recession has made them aware of the hardships of money saving and they are more prepared to deal with it than their parents were.
The millennial generation is often now being referred to as 'Generation Rent' or the generation still living with their parents in their thirties. Aged between 21 and 35, Millennial's are old enough to remember how quickly things changed during the Great Recession and how bad it can become if you aren't careful with your purchasing decisions. After leaving school, Millennial's found the game had changed, securing a bond is near impossible for people joining the workforce with a starting salary. Renting also carries with it many additional benefits, it's cost-effective, there are no long term commitments and the landlord is responsible for major maintenance.
Generation X clearly has the most buying power in the market now. Born between 1945 and 1964, they have the advantage of years of savings and investments. Compared with previous generations this age, Generation X are still active spenders, even into their sixties. Statistics would suggest that people are living longer and delaying retirement to their seventies. So if you are thinking of pushing a retirement villa or bungalow to your next Gen X client, think again, they are still very much active players in the major property game.
- Seeff Blouberg August Magazine
Author: Seeff Blouberg
