All eyes are on the demands of the 55-plus population, as data shows that their household growth will be off the charts during the next decade. This Harvard Joint Center for Housing Studies graph shows how household formations until 2025 is dominated by those who are more than 60 years old.
With this type of demand, there will be a definite need to create supply. Through the NEXTadventure project, the intensive research that defined it, and the new insight brought by the suppliers, Taylor Morrison has created the ideal home that responds to all 55-plus needs and can serve as a case study for the industry.
As Graham Hughes, chief customer officer at Taylor Morrison, explains in this video, the company has several brands that respond to this demographic. The brands are used regionally to respond to the differences in preferences of each area. Hughes explained that the NEXTadventure home gives Taylor Morrison the opportunity to use one brand across all marketplaces. The company’s exploration of the brand can be seen here.
Because of the enormity of the demographic, it presents many opportunities to learn from the customer—and Taylor Morrison takes that seriously. Hughes was recently assigned his title of chief customer officer; he insists that customers want to tell you what they want, so you should listen. The NEXTadventure research with customers and vendors was a huge learning experience that will go a long way toward providing the right solutions for this buyer.
After Hughes and the rest of the team studied buyer preferences, they discovered that 55-plus buyers want their home buying experience to be more exclusive, boutique. They want their “NEXTadventure” to be defined by them.
Hughes admits that it was exciting to do the show home for the world’s largest building show, but he puts a lot more emphasis on how exciting it was to learn from the project. He encourages others to benefit from the end product by visiting the home at the International Builders’ Show. Register now to see it at a fun block party during the show. Plus, individual team members have shared their thoughts, ideas, and research online at www.builderonline.com/nextadventure.
