Kitchen & Bath Design News is the industry's leading business, design and product resource for the kitchen and bath trade.
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Consumer Buying Trends { Demographics & buying patterns for the home } May 2014 ForResidentialPros.com | 9 A CYGNUS BUSINESS MEDIA PUBLICATION ® SALES OFFICES EAST/SOUTHEAST Joanne Naylor 540 Lee Court Wyckoff, NJ 07481 Phone: 201/891-9170; Fax: 201/839-9161 E-mail: joanne.naylor@cygnus.com Vaughn Rockhold 3030 W. Salt Creek Lane Arlington Heights, IL 60005 Phone: 216/272-1008 E-mail: vaughn.rockhold@cygnus.com WEST/SOUTHWEST Kim Carroll 7355 19th Avenue NW Seattle, WA 98117 Phone: 206/781-0714; Fax: 206/473-0724 E-mail: kim.carroll@cygnus.com MIDWEST Jim Philbin 3030 W. Salt Creek Lane Arlington Heights, IL 60005 Phone: 262/473-9192 Email: jim.philbin@cygnus.com PRODUCT & LITERATURE SHOWCASE/CLASSIFIED ADS Nancy Campoli 558 Prospect Avenue River Vale, NJ 07675 Phone: 800/547-7377 x6127 E-mail: nancy.campoli@cygnus.com EDITORIAL OFFICES 3 Huntington Quadrangle, Suite 301N Melville, NY 11747 Janice Anne Costa, Editor Tel: 631/963-6233 E-mail: janice.costa@cygnus.com Anita Shaw, Managing Editor Tel: 631/963-6209 E-mail: anita.shaw@cygnus.com Kimberly Berndtson, Senior Editor Tel: 920/563-1722 E-mail: kim.berndtson@cygnus.com Kristina Diggins-Reisinger, Assistant Editor Tel: 631/963-6204 E-mail: kristina.reisinger@cygnus.com CORPORATE HEADQUARTERS 1233 Janesville Ave. Fort Atkinson, WI 53538 Phone: 631/845-2700; Fax: 631/845-2741 PUBLISHING HEADQUARTERS 3030 W. Salt Creek Lane, Suite 300 Arlington Heights, IL 60005 Eliot Sefrin, Publisher Emeritus E-mail: eliot.sefrin@cygnus.com Mark Taussig, Group Publisher E-mail: mark.taussig@cygnus.com REPRINT SERVICES For reprints and licensing please contact Nick Iademarco at Wright's Media 877-652-5295 ext. 102 or niademarco@wrightsmedia.com. SUBSCRIPTIONS, BACK ISSUES 1233 Janesville Avenue Fort Atkinson, WI 53538 Tel: 920/563-1761; Fax: 920/563-1704 MAILING LIST RENTAL Elizabeth Jackson Tel: 847-492-1350 ext. 18 E-mail: ejackson@meritdirect.com Web site: www.ForResidentialPros.com Millennials Changing Home Marketplace, Survey Finds LAS VEGAS — Millennials, who currently account for an esti- mated $1.3 trillion in direct annual spending, "are swarming into the home marketplace armed with information, ideas and a passionate desire for personalization." That's the key fnding of a recent survey conducted by Better Homes and Gardens into the attitudes, views and spending patterns of Millennials in search of their next home. The survey's results, based on the fndings of some 3,200 respondents, were released during a presentation at February's International Builders' Show in Las Vegas. According to Jill Waage, BH&G;'s editorial director for home content, Millennials will outnumber Baby Boomers 78 million to 56 million in the next 15 years, exerting a profound infu- ence over the home marketplace, including that for kitchen and bath remodeling. The generation is also very diferent than its predecessors in terms of the way it approaches home-related projects and purchases, Waage said. Waage noted, for example, 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've seen an explosion on our social media outlets of Millennials exchanging everything from swatch styles for wallpaper to outdoor decorating designs," Waage said. "This generation wants homes that refect their individuality, and their sheer size will reshape the home market for decades to come." Home builders, designers and remodelers should also know "that this generation expects you to work with them as col- laborators, not just as contractors," Waage added. Like previous generations, the Millennial generation be- lieves 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 a home of their own; 35% of surveyed Millennials said a lack of down payment was the greatest obstacle to making the dream a reality. One-quarter of respondents would be willing to take out a loan to take advantage of the current market climate. According to Waage, 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 fx 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 other key fndings of the BH&G; survey were the following: o 45% of Millennials polled said they are in the process of planning or doing a major home improvement or decorat- ing project. And, 75% of this group report decorating with furniture and accessories. o Work spaces in the home continue to gain in impor- tance. Of those Millennials surveyed, 26% of said they are building or planning to build a home ofce, work space or family computing center. However, these spaces aren't a one- size-fts-all solution. Rather, a reported 41% felt a combined ofce-hobby-crafts-art room was ideal. o When thinking about future projects, casual entertain- ing is very popular among Millennials surveyed. 35% reported wanting to work on outdoor living or entertaining areas, while 42% desire adding exterior upgrades such as a deck, porch or patio. At the same time, 40% of Millennial respondents want to make their home more energy efcient. o Millennials want a home marked by "personalization, and seek out creative ways to improve the look and feel of their home," BH&G; reported. 34% of the Millennials surveyed said they plan to change the function of a room, such as a nursery, ofce, craft/ hobby space. Examples of personalization and home individualization include chalkboards, under-stair storage, and adding bins and buckets to maximize shelving and storage. Other personalization trends in- clude choosing industrial and vintage elements in the bathroom, sliding barn do or s a nd con sider i ng children as part of décor choices. o Nearly six in 10 re- spondents report using a smart phone or tablet to access home-related infor- mation (see related graphic, left). They are primarily using their mobile device to find decorating ideas or shop for items for their home, BH&G; concluded. Source: Better Homes and Gardens WAYS MILLENNIALS USE MOBILE DEVICES TO ACCESS HOME-RELATED INFORMATION Find inspiration and get ideas 67% Shop for things for my home 58% Get ideas on buying or selling a home 24% Access information I've saved 63% Find house plans 19% Store photos taken of my space 52% Look for information on home repairs & how to do them 58% KBD_8-9_CBTbarometers.indd 9 4/15/14 2:03 PM