SYDNEY: Marketers in home-related categories should consider how they can help people “reimagine the Australian dream” as many younger consumers struggle with the demands made by an aspiration to home ownership, a new study suggests.
The Australian Dream Reimagined study, commissioned by 9Powered, the strategic client solutions division of TV channel Nine, surveyed more than 500 respondents, examining changes in consumer perceptions around homes and property and what these could mean for marketers and brands.
Two thirds of Australian households currently own their own home and the study found that 18- to 34-year-olds were 26% more likely to expect to make a “significant compromise” on their lifestyle in order to realise the Australian dream, B&T reported.
But almost half (45%) of would-be home buyers under the age of 40 were tired of being given advice by older generations on how to save and achieve their goal.
“We’ve seen the nation consumed by the avocado-on-toast debate,” said Melissa Mullins, Nine’s director of strategy, in a reference to comments last year by a luxury property developer that young people could afford to buy a home if they didn’t spend so much money on smashed avocados and coffees.
But even though rising property prices are making it more difficult to get on the housing ladder, “the Australia dream remains a powerful marketing construct for brands to tap into,” she said.
The challenge the marketing industry faces, she added, is “to help consumers reimagine the Australian dream … and look for the opportunities to help meet their aspirations”.
She highlighted two particular findings – consumers are renting for a longer period of their life and they are looking for brands to build products that move with them – and suggested brands and products that catered to these needs would do well.
“They are recognising and meeting the evolving consumer needs of our most transient lifestyle,” Mullins said.
The study further found that four in ten new home buyers wanted the latest tech in their homes. “The ramifications of this for brands will be far-reaching as personalisation and ease of use become central to almost every part of the house,” said Mullins.
Sourced from B&T, Guardian; additional content by WARC staff