Millennials new Home Buyers, represent 56% of last year’s home buyers.
Millennials are now reaching peak home buying age which means that Mortgage Marketers need to reassess their marketing strategies to accommodate the preferences of Millennials. The First Time Home Buyer list is still the top list for new originations.
Some quick statistics about Millennials:
Millennials spends $600 billion in the United States each year. By 2020, the projected spend is $1.4 trillion shopping worldwide
- Median income was $69,000, before taxes in 2017
- Average yearly expenditure totals around $47,112
- 63% of Millennials rank price as very important when making a major purchase of $500 or more.
- 94% use coupons / preference for digital formats
- 63% have more than $10,000 in student debt
- 36% are paying off auto loan debt
- 47% of millennial new home buyers spend one to three hours researching their finance options before making a major purchase
Millennials are responsive to advertising that is relevant
- 63% of Millennials in the US use ad blockers while online
- Only 6% believe that online advertising is credible
- 83% find online content useful in making purchase decisions
- 80% of Millennials find in-feed ads that are not intrusive a good user experience
- Millennials spend more time on apps and the internet that they do watching television
- 77% of Millennials say they pay attention to direct mail advertising
- 84% of millennials take the time to look through their mail daily
- 64% would rather scan for useful info in the mail than in email
- 75% of Millennials believe that attending an event in person has more impact than taking action online
Read DataDale’s latest article about Marketing Mortgage Products to Millennials.