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Luci:
I’m always very interested in the first-time home buyer, especially as a marketer. First-time homebuyers and those moving up are excellent times for brands to get into consideration.
As you’re leveraging your marketing and budgets are getting trimmed, if I had to give advice to folks, this is one area where I might give more focus and instead trim back on folks moving down because they’re downsizing and not consuming as many goods. Or perhaps in some cases trim back on empty nesters unless I was in an industry like travel or automotive or something like that.
But in terms of goods and services, if I had to trim my budget, I might focus more on first-time home buyer audiences or audiences that are moving up because they’re the ones who are going to be consuming and probably spending more on goods and services than they were before. There are different forms of insurance that first-time home buyers have never purchased before and they’re definitely in a new neighborhood. Where are they going? They need to find a new doctor or different services such as gyms or maybe a new bank.
These first-time home buyers are entering a shift in some of the services that they consume. And when you’re moving up and you’re moving into a larger home, there’s also a lot of new things that you need, especially in terms of furniture, or possibly something like lawn care. As a marketer, it’s really important to pay attention to these two segments, especially because they just consume more, and they’re making a bigger shift or a bigger change.
David:
Yes, and the empty nesters and the moving-down folks are in similar mindsets but going in the opposite direction. They probably have a lot of stuff already, a lot of material goods such as furniture. So if they’re moving into smaller places, they probably won’t need as much. That said, even if they move somewhere else smaller, they may want to refresh things. They may want to do something different than they had before. So they are still part of the universe of people who need items and services but they’ve got different priorities than certainly those who are moving up or first-time homebuyers. But they’re not out of the equation, I don’t think.
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