Baby Boomers have the highest value as customers in the property market today, with greater financial freedom to make house moving decisions. This blog offers a snippet of the insights included in Reapit’s newly released report on the Consumer (R)evolution: how to attract, engage and retain the 2021 consumer.
What do they value most?
The post-war generation, Baby Boomers value their independence and are generally considered to be individualist, resourceful and self-sufficient. Growing up prior to the digital boom means that this group still values more traditional forms of communication and are more likely than younger generations to listen to and leave voicemails.
How has their behaviour changed when buying a product or service?
Baby Boomers have a high expectation of customer service and have a root preference for ‘brick and mortar’ shopping habits when buying products or services. However, despite assumptions, this generation is increasingly embracing digital life in a big way, with Statista data showing that over 80% of Baby Boomers in the UK own a smartphone in 2020.
More importantly to agents marketing their services is just how much time this generation use their smartphones online. According to data from GWI collected from 127,713 internet users, Baby Boomers’ average online smartphone usage in Q1 2021 was 2 hours 52 minutes per day, an increase to the 2 hours 29 minutes per day that GWI registered in Q2 2020.
It’s not just Boomer smartphone usage that has increased during the pandemic, their confidence with new technology has also been on the rise, with GWI data finding that 36% of Baby Boomers claim to feel more confident in using new technology in Q1 2021, an increase of 10% on Q2 2020.
Boomers are quickly becoming one of the biggest cohorts to shop online with the COVID-19 pandemic accelerating Boomer attitudes towards tech, including in property – according to a survey on real estate trends, 92% of Baby Boomers said they want virtual options on property viewings to continue even after the pandemic is over.
UK research agency Walnut notes that:
“There is an outdated assumption in the retail industry that Baby Boomers are shopping in-store and Millennials online, and channels are therefore being designed for these audiences. But the shopping behaviours of older generations are changing, and marketing shouldn’t ignore this.”
How Baby Boomers are buying property
Boomers have the highest value as consumers in the market today. According to data from Statista, there were over 14.28 million Baby Boomers in the UK in 2019, making them the largest generational cohort at that time, with Millennials following closely behind at 14.22 million.
Many of this generation with families are finding themselves with empty nests as their children move out to pursue to start their own lives. In addition, most have finished paying off their mortgages. This gives them greater financial freedom and more spending power for personal gains. At this stage some may be looking to downsize their homes, choosing locations for reasons other than proximity to schools.
Interested in more insights on how consumers have changed? Download your free copy of Reapit’s report on the Consumer (R)evolution: how to attract, engage and retain the 2021 consumer.