Initial research: Target market/ ideal customer

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People belonging to Generation X ( 1965-1980), although a small group, can be at various stages in their lives ranging from having a family/raising children, being single or in relationships but one thing that they have in common is that they are at the stage in their life where they are most likely already home owners.

Based on a report done by the National Association of Realtors. In 2023, Generation X was the generation with the highest number of houses purchased. The graph below shows this.

 


Age of Home Buyers (2023)

 

My design is targeted at Generation X because they are more financially stable as they are in the peak of their careers and most likely have earned enough to finally own their own building. This generation also experienced the great recession, the housing crash and other unstable economic conditions and are therefore more careful with their financial decisions.This also adds to the fact that when Generation X purchase a house they do not intend to move residence after that. They want a house they can settle in long term

This generation tends to value function and over beauty. They value experiences and would prefer homes with less maintenance. These characteristics influence their desire for homes with more living space that naturally flows throughout the house and also seek homes that accommodate families. "Functional homes with easy access to spaces for socializing and getting fit are of prime importance to this sandwich generation that has seen the challenges – as well as the opportunities – of homeownership." (Lerner, 2019)

Generation X was born during the rise of computers and technology and are more tech savvy than the generations ahead of them. They are also concerned about the environment and issues with climate change so they would most likely go for a home is beneficial for the environment. "Gen X has more trust in technology, and fostering sustainable innovations will grab their attention." (Simmons, 2023). This means they will also look out for designs that implement sustainability into their homes.

Having a good work life balance is also a characteristic of Generation X. They are also likely to work from home sometimes so features like a home office will work well with their demands. They also look at environmental factors and amenities near their houses especially if they have children then places like schools and playgrounds play a part in their purchase. Gen X is more likely than any other generation to purchase a home for their desire to be close to a job/school/transit or for job relocation. (The Chicago Association of Realtors, 2023)

 

 

Update-  I have created an ideal customer for my design using venngage. This is my client for my project




References

Lerner, M. (2019). Gen X Homebuyers Focus on Function and Fitness. [online] NewHomeSource. Available at: https://www.newhomesource.com/learn/gen-x-homebuyers-function-fitness/ [Accessed 22 Feb. 2024].

 Simmons, M. (2023). Which Generation Is Leading the Way in Sustainability? • Terra Movement. [online] Terra Movement. Available at: https://www.terramovement.com/which-generation-is-leading-the-way-in-sustainability/ [Accessed 22 Feb. 2024].

The Chicago Association of Realtors (2023). Homebuying By Generation: What to Know About Generational Homebuying Trends. [online] Chicago Association of REALTORS®. Available at: https://chicagorealtor.com/homebuying-by-generation-what-to-know-about-generational-homebuying-trends/ [Accessed 22 Feb. 2024].

 

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