As previously reported, the Covid-19 pandemic has led to a re-appreciation of the home . The cocooning effect seen globally, spurred on by numerous lockdowns, has led to an evolution of the meaning of the home. One of the unexpected side-effects of this development has been the growing number of millennials who are now completing DIY projects, some for the first time. In order to keep this momentum going it is essential to initiate marketing strategies to target this consumer cohort in particular.
Millennials, generally defined as people born between 1981 and 1996, have moved into their prime spending years. Further to this, as millennials are establishing their careers, and their incomes are growing, they are holding great purchasing power. The fact that millennials are the generation that have completed the most DIY projects in lockdown demonstrates that now is a critical time to target this segment of the population.
Why should we focus the DIY sector towards millennials?
In previous years there was a growing concern that a lack of skills amongst millennials, as well as a general disdain towards home improvement, would result in a whole generation missing out on DIY, instead moving towards Do-It-For-Me. However, it seems the Covid-19 pandemic has altered this trend, and millennials now represent a large potential customer base who are completing more DIY, home improvement and investing in purchased or rented homes.
Of course, when marketing it is vital to know who the target audience are. So, what is a millennial?
Millennials are generally described as a tech-savvy population sector, often referred to as digital natives. Technology has, and continues, to shape their development. Digital media and social networking are also key for this generation. A desire for creativity, an urge to feel unique, as well as emphasis on a healthy lifestyle and sustainability, can also be found as keystones of the millennial mindset.
What strategies could be usefull to open the DIY market to millennials?
Marketing towards millennials is a tricky business of key importance, especially now as many are forming brand loyalties and influencing their peers. One of the key methods to market towards these consumers in particular is through the use of social media and social networks. However, the importance of feedback cannot be understated. Marketing towards millennials must be in form of mutual dialogues, genuinely considering and reacting to their feedback, rather than directing monologues towards them.
Numerous home improvement retailers have already taken steps to market towards and draw in millennial consumers. Some of the leading examples of this in Germany centre around the creation of specific channels and product lines to inspire consumers to build their own goods and furniture. For example, Hornbach have their BUILDIFY assortment, OBI have opened a CREATE! By OBI store in the heart of Cologne and have a website dedicated to this line of products, and the HORST DIY Community and concept store in Hamburg offer an evolving line of DIY kits. On the other side of the world, in Australia, the “Make It Yours” and “Make It Happen” web series, produced by Bunnings, offers examples of how to inspire this generation and motivate them to start larger DIY projects.
Benefits of targeting marketing towards millennials
Other retailers are already completing marketing initiatives targeted towards the generations succeeding millennials. The MACH MAL mit OBI Channel, launched only 5 months ago and collaborating with established YouTube influencers, demonstrates that some stakeholders are already considering the growing power of younger generations.
Millennials are an increasingly key demographic, especially when considering marketing during and following the Coronavirus crisis. Ensuring this demographic, with their growing purchasing power and new-found love for DIY, continue to start and complete projects will only benefit the home improvement sector. Providing inspiration, DIY activities that fit in with a healthy lifestyle and sustainability minded projects will ensure that this momentum is maintained.