Home of the SWANK - Frank About Women · 6 FRANK ABOUT WOMEN HOME OF THE SWANK 1 BUYING A HOME IS AN EMOTIONAL ROLLER COASTER: When asked how they felt during the search for their

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FRANK ABOUT WOMEN > HOME OF THE SWANK

SWANKHome of the

July 2015

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TABLE OF

2 The Life and Times of a SWANK Homeowner

3 The Great Outdoors

4 Healthy Home

5 Dudes and Their Homes

6 Smarter Homes

7 Mom as Homeowner

1 Introduction

contents

INTRODUCTION

IN THIS REPORT:

COMING SOON:

31 INTRODUCTION 3


A BRIEF look aheadIn the following pages, we’ll be introducing you to today’s “SWANK” – SINGLE WOMAN, AFFLUENT, NO KIDS – Homeowner. You’ll learn about how she approaches home ownership, as well as how her shopping experiences differ from those of Single Men Homeowners and Family Women Homeowners. In the coming months, we’ll share some deeper insights that cover a range of topics like outdoor living, smart homes and the relationship between health and home. Now, let’s meet the Swank.

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Over the past several years, single women have become a significant force in home buying. In fact, they have consistently outpaced single men when it comes to purchasing homes — about twice as many single women have bought homes compared to single men since 2001. While much has been made about the number of single women buying homes, little has been said about how these women behave after they’ve bought the home. So we here at Frank About Women decided it was time to investigate this important segment. Because we believe that single women will enjoy and improve their homes differently — and marketers across a huge range of categories will need to rethink how they connect with this critical consumer audience.

So who is the single woman homeowner? Though single women homeowners represent a hugely diverse spectrum of ages, life stages and socioeconomic levels, today we’re looking at Swanks. Think of the Swank as post-Sex in the City; instead of focusing her emotional energy on the quest for marriage, she owns her singlehood and the freedom it affords her. She’s highly educated, has a higher income, lives alone and has plenty of disposable income to spend as she likes.

Meet theSWANK

HOME AND the single woman

1 INTRODUCTION

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To get a closer look at Swank homeowners and how they may feel, think, act and shop differently than their counterparts, we fielded a proprietary survey among 600 recent homebuyers. All our respondents had purchased a home within the past two years, all were aged 24–49 and all had a household income of $75,000 or higher. For the purposes of comparison, we divided the respondents into the following unique segments:

We asked these homeowners about a range of topics — from their motivations and emotions during the home-buying process, to their attitudes and experiences shopping as homeowners, and even their participation in some emerging home trends. Compelling insights emerged — from lifestage differences unique to today’s shifting landscape to classic gender divides. Let’s start with a look at some of the universal truths of homeownership, and then dig into what it’s like to be a Swank homeowner today.

OUR methodology

THE SWANK: She’s a single homeowner in the purest sense — regardless of marital history or relationship status, she’s currently living alone and purchased the home for herself.

THE FAMILY WOMAN: She shares her home with a partner/spouse and potentially some children. In a later report, we’ll take a closer look at “Moms” (those with a partner and kids in the home) as unique from “Coupled Women” (those sharing their home with a partner, but not kids). But for today, we’re looking at these Family Women as a whole.

THE SINGLE MAN: This is the male counterpart to our Swank. He lives alone and purchased the home for himself.

THE FAMILY MAN: The male counterpart to our Family Woman — he shares his home with a partner/spouse and potentially some children.

1 INTRODUCTION

600recent

homebuyers

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1 BUYING A HOME IS AN EMOTIONAL ROLLER COASTER: When asked how they felt during the search for their home, excitement was the number one emotion cited across all segments. But beyond that, a whole range of emotions emerged, from feeling grown-up and independent to frustrated and anxious.

2 BUT IT’S WORTH IT — A REFUGE OF OUR OWN AWAITS: Our respondents overwhelmingly agreed about the most exciting part of homeownership. 80% of women and 75% of men couldn’t wait for “a place of my own for relaxing and recharging.” Financial motivations were also prominent, with roughly half citing financial investment and/or financial stability.

3 SOMETIMES YOU GOTTA SPEND MONEY TO SAVE MONEY: When asked which products they’re willing to spend a little more on, a clear winner again united our respondents. The number one answer across all segments? “I’m willing to spend more on products that help me save money over the long term.” Notably, Family Women and Swanks tended to agree more than their respective Family Men and Single Men counterparts.

4 SIMPLICITY AND SPACE ARE WORTH SPLURGING ON: Beyond saving money, two other splurge-worthy purposes emerged. Roughly half our respondents said they would spend more on products that helped “simplify my life” or “maximize my space.”

5 INFRASTRUCTURE IS NO FUN: In question after question, infrastructure investments (things like HVAC, plumbing and electricity) as well as home security emerged as unpopular categories. These are projects we all hope to avoid and purchases we all hate to shop for. Let’s face it, they’re not exactly “fun” or creative, and they rarely result in something exciting we can show off to guests. But perhaps it’s also because these are the categories where respondents were least likely to say they felt respected by salespeople.

FIVE THINGS(almost) every homeowner knows

1 INTRODUCTION

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SWANKHOMEOWNER

The life and times of a

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MORE MIXED EMOTIONS: Compared to Single Men, our Swanks were more likely to experience some lows along with the highs. When asked to describe how searching for a new home felt, our Swanks were more likely to say it was “exciting.” But also important is that they were more likely to report something akin to anxiety (“anxious,” “stressed,” “overwhelmed,” etc.). And these emotions during the search almost certainly shaped the early months of homeownership. When asked how prepared they felt as new homeowners, Swanks were the least likely of all segments to report an “I Got This” attitude, trailing Single Men significantly.

A SMALLER SHOPPING COMFORT ZONE: When it comes to shopping as homeowners, Single Men continued to express a greater deal of confidence across most categories. Swanks tended to feel more confident shopping for interior and exterior décor — and not coincidentally, they also were more likely to report feeling respected by salespeople when doing so. Yet in virtually every other category, Single Men reported higher confidence and respect — especially for things like home electronics and major appliances. It’s worth noting that these trends held true when comparing Family Women with Family Men. When it comes to shopping for our homes, it may still be a tale of two genders.

MORE WILLING TO SPLURGE: Despite feeling less confident in a host of shopping categories, our Swanks are more likely than Single Men to spend more on purchases for a wide range of purposes. Swanks were significantly more likely than Single Men to say they would spend more on products that help them save money over time, simplify their lives, reflect their personal style, help them feel safer, help them multitask and live a “greener” lifestyle. On the other hand, Single Men were more likely than Swanks to splurge on products that promote a healthier lifestyle or make parties and get-togethers even better.

I gotthis?

THE DIVIDE BETWEEN swanks and single men

1 THE LIFE AND TIMES OF A SWANK HOMEOWNER

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33% more likely to

FEEL RESPECTED WHEN SHOPPING FOR HOME ENTERTAINMENT/ELECTRONICS

SPLURGE ON PRODUCTS THAT HELP THEM FEEL SAFER

SPLURGE ON PRODUCTS THAT HELP THEMLIVE GREENER

HAVE IMPROVED THEIR BEDROOMS

BE PLANNING A BATHROOM IMPROVEMENT PROJECT

BE EXCITED ABOUTENTERTAINING OTHERS

ENJOY SHOPPING FOR OUTDOOR FURNISHINGS/DÉCOR

ENJOY SHOPPING FOR FIXTURES

SPLURGE ON PRODUCTS THAT HELP THEM BE MORE EFFICIENT

33% more likely to

FEEL LIKE THEY AREPREPARED FOR HOMEOWNERSHIP

FEEL CONFIDENT SHOPPING FOR FIXTURES

36% more likely to

41% more likely to

29% more likely to

79% more likely to

118% more likely to

25% more likely to

17% less likely to

54% less likely to 18% less likely to

COMPARED TO SINGLE MEN

SWANKS ARE:

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swanks and family women

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TACKLING FEWER PROJECTS: Our Swank homeowners are certainly not afraid of rolling up their sleeves when it comes to home improvements. Yet compared to their Family Women counterparts, today’s Swank homeowners tend to tackle fewer projects. In fact, Swanks were 60% more likely than Family Women to say they hadn’t yet completed any improvement projects in their new home. And in every category we asked about, Family Women were more likely than Swanks to be planning a home improvement project. Which isn’t all that surprising, because Swanks were also more likely to agree that when it comes to home improvements, “if it ain’t broke, don’t fix it.” Notably, these trends tend to bear out when comparing Single Men with Family Men, suggesting that lifestage may be an even bigger driver of home improvement attitudes and behaviors than is gender.

A LITTLE MORE LOVE FOR TECH: But when we looked at how our female homeowners approached the world of tech, some interesting tensions emerged. While Swanks and Family Women reported equal levels of confidence in shopping for home entertainment and electronics, Family Women were more likely to say they felt respected by salespeople. Yet despite feeling less respected, Swanks were more likely to say they enjoy shopping for home entertainment and electronics.And Swanks are also significantly more willing than Family Women to splurge on modernizing their homes with the latest technologies. Just imagine how much more Swanks might spend on tech if they felt respected when shopping for it.


If it ain’tbroke ...

THE DIVIDE BETWEEN

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HAVE AVOIDED COMPLETING A HOME IMPROVEMENT PROJECT

x

SPLURGE ON PRODUCTS THAT REFLECT THEIR PERSONAL STYLE

FEEL CONFIDENT SHOPPING FOR A SECURITY SYSTEM

BE PLANNING A KITCHEN IMPROVEMENT PROJECT

HAVE IMPROVED THEIRHOME’S INFRASTRUCTURE

BE EXCITED ABOUTENTERTAINING OTHERS

FEEL LIKE THEY AREPREPARED FOR HOMEOWNERSHIP

SPLURGE ON PRODUCTS THAT MODERNIZE THEIRHOME WITH THE LATEST TECHNOLOGIES

36% more likely to

ENJOY SHOPPING FOR HOME ENTERTAINMENT/ELECTRONICS

19% more likely to

60% more likely to

19% more likely to

28% more likely to

29% less likely to

23% less likely to

36% less likely to

21% less likely toFEEL RESPECTED WHEN SHOPPING FOR HOME ENTERTAINMENT/ELECTRONICS

12% less likely to

FEEL RESPECTED WHEN SHOPPING FOR A SECURITY SYSTEM

12% less likely to

COMPARED TO FAMILY WOMEN

SWANKS ARE:

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every marketer should keep in mindWe’ll have plenty more to share about today’s homeowners in the coming months. But in the meantime, we encourage you to consider how these learnings apply to your business, your brand and your consumers.

1 BOOST HER CONFIDENCE EARLY: Swanks tended to experience fewer positive emotions and feel less ready in the early stages of ownership, and they carried less confidence into their attitudes and behaviors going forward. Whether your brand plays a role during the home searching and buying process, or you encounter a Swank in those first few months following the purchase, you have an opportunity to provide the tools and resources to help her love homeownership. The brand that helps her truly “Own It” from the outset is likely to earn her loyalty and advocacy for years to come.

2 HIRE AND TRAIN FOR A RESPECT MINDSET: In category after category, Swanks were the least likely to say salespeople consistently respected them. Whether through the retail associates walking the floor of a brick-and-mortar store, online chat help or even through website and social content, brands have an opportunity to be trusted partners in her homeownership experience. So make information easy to access and understand, but avoid being patronizing. And of course, make sure a human is always available to assist when needed, whether online or in store.

3 PROVE YOUR WORTH: While Swanks may be least likely to bite off more than they can chew when it comes to home improvements, they’re also more willing to spend money when it can help them achieve something important. So prove how you can save her money. Show her how you can help her live more simply, be more efficient or adopt a greener life. Inspire her with ways to showcase her personal style. In other words, give her a reason to splurge.

4 ENCOURAGE GROWTH THROUGH DISCOVERY: Because she has nobody to answer to, a Swank homeowner has incredible freedom in how she uses, changes and improves her space. Social media channels like Pinterest are a great place to encourage virtual daydreaming and planning. But why stop there? Categories like beauty, fashion and cooking have found creative ways to spark product trial and build personal expertise among Swanks — tapping into the power of social media influencers, curating subscription boxes and establishing themselves as lifestyle brands far bigger than their products. Brands in categories like home entertainment, electronics and home organization should be looking for equally innovative ways to foster engagement with today’s Swank homeowners.

FOUR THINGS


Want to talk about this more? Reach out to Kate Hanley or Shaun Stripling to see how Frank About Women can help

your brand better connect with today’s homeowners.

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Home of the SWANK - Frank About Women · 6 FRANK ABOUT WOMEN HOME OF THE SWANK 1 BUYING A HOME IS AN EMOTIONAL ROLLER COASTER: When asked how they felt during the search for their