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Reaching out to modern home buyers with Millennials and GenZ

By Mr. Amit Jain, Chairman and Managing Director, Arkade Developers

The landscape of home buying is experiencing a significant shift, driven by the preferences and priorities of Millennials and Gen Z. Unlike previous generations, these groups prioritize experiences, technology, and sustainability over traditional markers of success. Their preference for urban living, community-centric spaces, and homes that blend functionality with aesthetics reflects broader societal shifts toward more flexible and personalized lifestyles. Developers and marketers must adapt to these evolving demands, redefining how they connect with this new wave of home buyers.

 

According to a survey of 1,629 Indian urban homebuyers conducted by real estate consultancy Knight Frank India, Gen Z is emerging as a key demographic in the real estate market. More than 36 percent of Gen Zers are actively seeking to buy a home—the highest among all age groups. Notably, Gen Z buyers are entering the market at least five to six years earlier than Millennials did, with a strong reliance on home loans to finance their purchases. The share of transactions by Millennials and Gen Zers saw a 10 percent increase compared to the same period in 2023, highlighting the growing influence of these demographics in shaping market trends. Furthermore, as the trend of working from home continues, well-designed interior spaces have become a top priority for discerning homebuyers, seeking seamless integration of work, life, and leisure

 

The survey also revealed that the average ticket size of properties being purchased by Millennials and Gen Z ranges between Rs 70 lakh and Rs 1.1 crore. This demonstrates a clear preference for premium housing options, driven by a desire for modern amenities, convenience, and quality of life. Interestingly, homeownership remains a strong aspiration across all generations. While 79 percent of Baby Boomers (60-69 years of age), 80 percent of Gen X (44-59 years), and 82 percent of Millennials prefer to own a home, 71 percent of Gen Z share this sentiment.

 

Inflation and shifts in salary brackets have also influenced the purchasing power of these generations. For Millennials, who came of age during the 2008 financial crisis, and Gen Z, navigating post-pandemic uncertainties, the rising cost of living is a pressing concern. While salaries have seen modest increases, they often fail to keep pace with housing price inflation, making affordability a critical issue. Unlike their predecessors, these generations are cautious about financial commitments, emphasizing value-driven investments in properties offering both utility and aspirational appeal.

 

Marketing campaigns play a pivotal role in bridging the gap between developers and potential buyers. A well-crafted campaign is no longer about selling a property but about telling a story that resonates. Today’s buyers are influenced by narratives of sustainability, wellness, and modernity. Campaigns showcasing how a project aligns with their lifestyle aspirations—be it through eco-friendly features, smart home technologies, or vibrant community spaces—drive engagement and, ultimately, conversions.

Social media is another crucial channel in reaching Millennials and Gen Z. Platforms like Instagram, YouTube, and TikTok are not merely avenues for entertainment but powerful tools for brand storytelling. Developers are leveraging these platforms to showcase their properties through engaging visuals, virtual tours, and influencer collaborations. By meeting buyers where they are—on their screens—brands create a seamless discovery-to-purchase journey that feels intuitive and personal.

 

The use of CGI (computer-generated imagery) has emerged as a game-changer in real estate marketing. High-quality CGI allows developers to present a vision of their projects that captures attention and imagination. From realistic renderings of interiors to immersive virtual walkthroughs, CGI enables potential buyers to visualize their dream homes even before a single brick is laid. This technology not only enhances trust but also serves as a compelling tool to differentiate a property in a competitive market.

 

As the preferences of Millennials and Gen Z continue to shape the real estate market, understanding their unique challenges and leveraging innovative strategies will remain essential for success. By embracing tailored marketing approaches, social media outreach, and cutting-edge technology, developers can build lasting connections with the modern homebuyer.

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