The times they are a-changin’! With rising rent and cost of living, our modern, contemporary lifestyle is paving the way to multigenerational households. Recent studies show that 20% of Americans live in multigenerational households.
According to a consumer behavior report, the common housing arrangement in 2016 for many Americans aged 18-34 is to live with their parents. This has sparked a more unpredictable buying pattern that “traditional households” offered back in the day, and has triggered several industries to adapt their marketing strategies to cater to the needs of a growing multigenerational family.
With a significant shakeup in what was once a predictable market comes an opportunity for marketers, brands, and retailers to redefine themselves and maintain their relevance.
- Shifting decision-making power – In multigenerational homes, there can be more than one person who has buying power. This situation provides a more flexible decision-making process on what a household needs.
- Reshaping shopping behavior – Back in the day, parents are the major influencers when it comes to their kids’ shopping behavior. With social and digital media making its way into the household, children are now easily swayed by their peers and other social media influencers when it comes to purchasing clothes, gadgets, or shoes.
- Inclusive marketing – With new incoming data showing shopping behaviors and habits of multigenerational households, consumer mindset is becoming difficult to predict. Marketers and brands need to engage modern-day consumers by deciphering consumer shopping trends.
This challenge of identifying and solving problems offer brands new possibilities and doors to open. The ability to redefine marketing strategies and looking at a problem with a fresh, new lens is key to maintaining brand relevance to a changing and growing market.