Justin Timberlake may have brought “Sexy Back” but he ain’t got nothin’ on Boutiques right now.
Purchasing Power –
Markets change and typically when a new wave of consumers starts to take over the purchasing power of the Nation, you will see some drastic changes. Right now with Millennials taking over the title, which has been held for so long by the Boomers, there are dramatic changes happening in consumer behavior. This has a heavy impact on businesses, particularly the retailers, restaurants and lodging.
Their Impact –
Many individuals in this generation do subscription based meal delivery services like Blue Apron. This takes the demographic out of the grocery stores and restaurants. Additionally, these individuals are also finding their entertainment through streaming sources like Netflix or Twitch. They are less willing to actually go out bowling or to the movies with friends. In fact, they love to host at home. This in mind, they are spending a significant amount of money on their homes. They are the DIY generation. They are why HGTV has risen to a higher level of fame over the last 5 years.
This in mind, it doesn’t mean this powerful purchasing age group doesn’t like shopping. If anything they like doing it more. Shopping is not seen as a chore anymore, it is now part of their leisure. They shop socially now and want to go shop in boutiques where they can also enjoy a fun experience with a friend. It isn’t just about going in and buying product. It is about hunting for the right product and being treated well when doing so.
What does this mean to those in real estate? It means that those looking to invest in commercial properties may want to consider buying the large box store locations and convert them into small markets featuring various boutiques and experiences. Those who are looking to sell their homes to this generation, consider how to stage your home to accommodate their “hosting” lifestyles. Consider providing this generation more storage in their kitchens since they cook more frequently and perhaps serve this generation a coffee, tea and water rather than a soft drink when they come in for an open house.
At RE/MAX Capitol Properties we are here to guide you through the process. There is so much information available online today that it can be overwhelming. Buying a home is one of the largest, if not the largest, financial investments that you will make. Take is seriously by interviewing 2 or 3 realtors in Cheyenne before choosing the one you trust. Connect with us today at 307-635-0303 or online!