2. Buyer Demographics
Forbes Global Properties: Year-End Market Perspectives
In second home markets, where the acquisition of a luxury vacation property has traditionally been a discretionary purchase supplemental to a primary residence, the number of younger buyers is also growing. This demographic shift has begun to impact the marketing approach of luxury real estate experts.
Slifer Smith & Frampton Real Estate in Colorado’s ski resort regions of Aspen, Vail, and Summit County. “Our marketing reflects this; we gear many of our seller-focused messaging and tools towards the Baby Boomer generation, while our buyers’ tools are geared toward a more tech-savvy Gen X and Millennial customer.”
“While sellers are still trending as Baby Boomers, we are seeing younger buyers in the Gen X range,” observed Sara Roberts who oversees marketing for Exhibit 2
Markets Where Gen X Buyers Dominate Prime Property Purchases
Toronto
MillenialsMIL (25-40) Baby Boomers BOOMR (57-75) MULTI Multi-Generational (two or more generations) GREAT Great Generation (75+)
% of luxury home buyers by age cohort
Lake Tahoe, California
Gen X (41-56) X
Z Gen Z (Under 25)
Ventura County, California
Hong Kong
Dubai
Santa Barbara, California
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