Millennials Drive Luxury Home Market

The luxury homebuying market across North America is being driven by millennials, representing a significant shift and transfer of wealth and property from baby boomers. Furthermore, research by Engel & Völkers found multiple trends influencing the mindsets and attitudes of specific segments within these consumers. Of those looking to purchase a home above the $3 million price point, 59 per cent are millennials and two-thirds of these buyers report their jobs allow them to work from anywhere so it is not surprising nearly all of them either currently own or are planning to purchase a second home in the near future. As well, the influencer culture has given rise to a distinct subset of buyers who are curating their own personal brand of luxury and showcasing it online with a reach and scale that previously didn't exist for the individual consumer. More than half are millennials who tend to invest in experiences and other external markers of wealth and status and subsequently share this lifestyle with their followers.