My column for the October issue of Builder & Developer magazine is now posted online.
For this issue, entitled "Marketing to the Millennial Generation," I had read an article in The Atlantic magazine which suggested a combination of demographic and economic forces had replaced the aspirational pursuit of cars and homes with a sharing culture that relied heavily on technology. So just what does that mean for the building industry? An excerpt:
According to a 2007 survey, 43 percent of Milliennials would prefer a close-in suburb where both the need for cars and the size of homes can be smaller as a trade-off for proximity to reliable public transit, shopping and entertainment options...
Although there will still be great opportunities for builders and developers, they will have to continue evolving along with their customers. This will likely mean fewer suburban tract houses in favor of well-designed flats, semi-private townhomes and small homes which preserve the functionality of single-family living in a denser environment...
Moreover, by spending less on housing and cars, consumers will have more money left over to save or spend on education, thereby making them more nimble for a global and largely knowledge-based economy. This industry could thus have an outsized impact on the future: by deliberately encouraging Millennials to live closer together and share their ideas (as well as their cars and extra rooms), America could regain its economic strength for generations to come.
To read the entire column, click here.
To read the entire October 2012 issue in digital format, click here.