Baby Boomers are a prime market in the remodeling industry as they represent 30 percent of our total population. The fact is, these Baby Boomers-ages 35 to 44-spend the highest amount of money on home improvements of any age group. The older the Baby Boomers, the more likely they are to hire interior designers rather than doing the work themselves, making them the strongest market. But unlike earlier generations, most Baby Boomers work long hours for excess personal spending and to increase their standards of living, not to make ends meet. Target this market for selling upgrades, additional rooms and don't be shy to ask for referrals.
The Mature Market turns to remodeling for increased efficiency and comfort. Window coverings that are energy efficient, cordless and perhaps even have a remote control would excite this market. The majority of the elderly population, 78 percent, are home owners and 83 percent say they don't want to move. With 78 percent of this group owning their own homes, remodeling is a likely solution to meet their changing and future needs. This generation has money and time-and they want or need to spend a greater amount of their time at home.
Generation X is a natural to be the next up-and-coming demographic group for home remodeling. While Generation X may not have the money or the credit Boomers have now, this generation is strongly focused on home, family and the environment, notes the NARI. Look to this market to pick out the new unique products on the market to show off its individuality.
To get a more comprehensive view on who is in the market to remodel and why they would make prime customers, turn to this month's Market Trends. If the article inspires you to take on a challenging remodeling project, let us know and we will consider featuring it in an upcoming issue. As always, please send us your ideas or letters, or e-mail us at info@DWCdesigNet.com.