Targeting multi-generational households offers businesses an opportunity to differentiate themselves from their competition. For some industries, multi-generational households are serious prospects for their businesses. The key is targeting these households with the offer that resonates with them
For example, in 2019, 12% of home buyers purchased a multi-generational home. This statistic is from the 2019 National Association of Realtors Home Buyers and Sellers report. According to the report, the average age of these home buyers is age 55+.
Top Reasons:
- can provide care for aging family members more easily
- children over the age of 18 moving back home
- helps newly-single people who may have children and limited resources
- immigrants can continue cultural norms with multi-generational living
- can help family recover from financial challenges
- offers significant cost-savings
More than 64 million Americans live in multi-generational households. This is according to a recent Pew Research Center analysis. This equates to 20% of the total U.S. population living in a household with three generations or more.
Targeting Multi-generational households
These multiple generations represent a host of marketing opportunities. For that reason, marketers need to be able to properly identify and target the various generations living in a given household. After all, targeting these multi-generational households is the key.
That’s where the multi-generational data in our National Consumer Database proves invaluable. It offers greater depth than most list compilers. That is because most databases identify a household based only on a single surname. In contrast, with our Database, you can select persons living in the same household who have different surnames. And, you can select them by age. This is a unique select.
Targeting multi-generational households with this data gives depth to certain offers:
- Real estate professionals can market homes with two master suites. This is a huge trend with certain builders. In fact, they now call these multi-gen or next-gen homes.
- Restaurant owners can offer discounts for seniors and children
- Health care professionals can connect with primary decision makers who have elderly parents living in their homes
- Travel professionals can market activities that appeal to both the elderly and the young
- Insurance agents looking to sell Long Term Care policies