2 Consumer Trends Shaping the Property and Real Estate Landscape in 2024

In the ever-evolving landscape of consumer behaviour, 2024 is poised to be a transformative year.  

We explored GWI’s Connecting the Dots 2024 Report and two distinct trends have the potential to make a big impact to the property and real estate industry.  

Let's delve into these trends and explore their implications… 

Navigating the AI Wave with Consumer Confidence 

The Trend: Excitement around AI is reaching new heights, but so are concerns about its rapid advancement. 

The Takeaway: As AI becomes an integral part of daily life for both individuals and businesses, addressing consumer concerns is paramount. A staggering 60% of consumers express excitement about AI, yet a significant 71% find its pace alarming. 

For the property and real estate industry, AI presents a myriad of possibilities, from enhanced customer service to predictive analytics for property valuation. However, it's crucial for real estate and property brands to navigate the adoption of AI with awareness and sensitivity. Understanding the unique concerns of consumers and ensuring a seamless transition will be key to leveraging the potential of AI in property transactions and customer interactions. 

In an era where technology is reshaping industries, real estate players must strike a balance between innovation and addressing the apprehensions of their clientele. The careful integration of AI can elevate the property buying and selling experience, making it more efficient and personalised. 

Baby Boomers are Redefining the Digital Landscape 

The Trend: Older consumers are embracing a broader range of social media platforms and e-commerce sites. 

The Data: A notable 57% increase in baby boomers using TikTok since Q2 2021, with this demographic being more likely to make online purchases than Gen Z. 

The Takeaway: The silver generation is not just sticking to Facebook anymore. With an increasing presence on platforms like Instagram and TikTok, baby boomers are reshaping their approach to social media, emphasising entertainment and brand engagement. 

“The way boomers use social media is changing, so brands’ approach needs to change too.” 

For the Australian property and real estate market, this demographic shift represents a lucrative opportunity. As baby boomers engage more with video-based apps, brands in the real estate sector need to adapt their marketing strategies accordingly.  

Recognising that boomers are more likely to make online purchases, real estate platforms should enhance their online presence and user experience to cater to this evolving demographic. 

Furthermore, addressing the fact that baby boomers feel underrepresented in advertisements can be a strategic move for real estate brands. Tailoring marketing efforts to resonate with this generation's preferences and values can strengthen brand loyalty and drive business success. 

The evolving landscape of consumer trends in 2024 presents both challenges and opportunities for the Australian property and real estate industry. By embracing the rise of AI with consumer confidence and adapting to the changing social media landscape influenced by baby boomers, real estate and property brands can position themselves for success in a dynamic and competitive market.