Millennials are moving to the ‘burbs
An ever-flowing list of articles written in recent years tell us just how different Millennials are from Baby Boomers. Millennials are all about the technology. They’re idealistic and much more focused on the balance between work and their private lives. Millennials are also a generation of urban dwellers — or are they?
According to the National Association of Realtors, Millennials make up the largest share of homebuyers in suburbs across the nation. Many of this generation, known for eschewing auto ownership and valuing pedestrian-friendly cities, are moving back to the same types of communities they grew up in.
The migratory patterns of Millennials is important for retail because of their growing influence in determining, not just the location, but the types of stores built. Millennials, it has been well documented, are not simply interested in shopping in stores, but going to so-called “third spaces” that provide warm and welcoming environments.
A MarketWatch article suggests that one of the reasons Millennials are buying homes in the suburbs comes down to finances. The suburbs are a less expensive place to live than most cities. Many Millennials continue to struggle with thousands of dollars in student debt, and not all have the high-paying jobs they hoped for when embarking on their college experiences. The same article pointed out that student debt carried by the parents of younger consumers may also keep them from assisting with down payments on first homes, as well.
- Millennials are buying homes, and they’re buying them in the suburbs – MarketWatch
- What will it take to win back the storeless generation? – RetailWire
- How can stores alleviate Millennials’ health choice dilemma? – RetailWire
- Should retailers consider new recruiting strategies for Millennials? – RetailWire
DISCUSSION QUESTIONS: Do you expect the lifestyle behaviors of Millennials to become more like their parents as they age? What impact do you think Millennials will have on retailing when all is said and done?