It pays to know the differences between each type of consumer.
Two high-end home buyers are considering buying a million-dollar home.
One is a seasoned home buyer and the other is a first-timer. Do you know the differences and similarities in each buyer’s perspective?
A few items on their wish list overlap. For instance, they both say that they want a great view and a chef’s kitchen. What’s fascinating to me (and I hope to other marketers) are the differences: 40% of veteran imessage for windows
buyers are willing to go over budget, compared to only 29% of first-time buyers. And twice as many veterans as first-timers say they would buy a vacation home. Makes total sense, right?
“Seasoned home buyers – people who describe themselves as owning a ‘high-end luxury home’ – approach the purchasing process much differently than those venturing into high-end market for the first time,” said Sanette Tanaka, of The Wall Street Journal. Tanaka points out several differences in what seasoned home buyers are seeking, as compared to first-time buyers:
Veteran Home Buyers:
Developers with a great reputation
Long-term prospects for the property
Willing to pay more for a sound investment
The right property at the right address
Most desired location: waterfront
First-Time Home Buyers:
Homes that are move-in ready
Prioritize finishes and layouts
Focused on overall price
Most desired location: suburbs
Marketers take note. Are there strategies that you can employ to promote your brand to affluent first-time home buyers that could help them feel good about their purchase and minimize move-in stress? What ways might your brand emphasize the long-term investment to veteran home buyers? It is critical that you understand how a consumer’s tenure of wealth drives their buying decisions, since seasoned home buyers are generally further along their wealth journey than first-timers.
This is a theme I’ve explored before on Upward Home. “The length of time people have been wealthy is one of the most powerful predictors of not only how they spend money, but also how they view themselves and live their lives,” says Dr. Jim Taylor, author of The New Elite: Inside the Minds of the Truly Wealthy.
Tailoring your brand messaging with a segmented approach might be a game-changer for your brand.
To read the WSJ article, please click here.