With big box stores, like Lowe’s and Home Depot, reaching and in some cases surpassing their sales numbers, it’s easy to see that home improvement projects are on the upswing and driving sales. But it’s no longer about selling the traditional upgrades— new kitchens, appliances and such—it’s also about new big ticket items. What those new items are and who is buying them nowadays might surprise you.
The highly coveted Millennial shopper is ripe for the taking as they shift into new life stages. Home ownership among this shopper base continues to rise. According to the National Association of Realtors report, 35% of Millennials currently own homes. In addition, 89% are buying existing properties ripe for renovation.
While millennials are known for redefining almost all they touch, it’s time to look at what appeals to this audience as homeowners: Quality, convenience and of course, technology.
What are some of the truly big ticket items on the radar this year?According to HBS Dealer’s April 2017 issue these are a few of the ones to watch:
- Benjamin More Century Paint: At $125 a gallon it’s not for the budget conscious, however the small-batch artisan, vivid pigmentation and Soft Touch Matte Finish make it a highly appealing and highly sought after offering
- Husqvarna 400 Series Automower: Like a Roomba™ for your lawn this mower takes routine lawn maintenance off the homeowners plate allowing them to set it and forget it but at @ $2400 it’s not a cheap alternative
- U by Moen Digital Shower System: An easy sell because it’s capable of providing the prefect shower every time by adjusting settings to user’s preferences—prices vary depending on how digital you make this shower system
So think outside the traditional big box offering and how these new items might be sold differently to an audience who expects and demands more. For example: You can’t really believe the paint is that great unless you get a shopper to engage with it. A mower that runs on its own is just begging for an in-store demonstration or even VR experience. And, a digital shower system is really an extension of the Smart Home movement—leverage this highly coveted area in-store to cross merchandise beyond where this product is normally sold to create a larger footprint.
Contributed By: Delaney Lynch, Integer Des Moines
Image Source: Moen