Affluent buyers in all age groups make a significant impact on the luxury real estate market. At present, however, millennials have heightened momentum. The YouGov 2016 Affluent Perspective Global Study notes that millennials, as well as the 400,000 wealthiest households in the U.S., will increase their spending by 8 percent and 10 percent respectively during the current year. According to YouGov, millennials will spend $49 billion overall (retail, entertainment, real estate and so on) this year. Of course, that does not mean that luxury real estate agents should limit themselves and market only to millennials. Opportunities exist for luxury real estate agents among all affluent groups, including with baby boomers and Generation X. Recent data indicate, however, that millennials are set to increase their spending. Therefore, luxury real estate agents should keep that in mind. After all, millennials are a different breed who respond to a different brand than their parent...
- Recent statistics suggest that millennials will be spending more in the luxury market.
- Millennials respond to a different brand than previous generations.
- Marketing to millennials requires understanding their motivation to buy luxury.