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Hardware giant Bunnings is giving itself a makeover in an attempt to target coming-of-age Gen Z Australians amid soaring house prices.
Bunnings chief executive Michael Schneider, in a Global DIY Summit in Denmark, disclosed plans to reach out to social media influencers and bloggers in order to appeal to Aussies born between 1997 and 2012.
“We believe Gen Z have defined attitudes and preferences that will require a reimagining of the DIY shopping experience,” he said at the conference, according to the The Australian.
“Today, they are infrequent purchasers of DIY products, relative to the average DIYer. And while that’s probably not too surprising given most still live at home, it means there are fantastic opportunities to connect and engage and inspire them around all things DIY,” he added.
Why Gen Z?
Gen Z, also sometimes referred to as “zoomers”, are a growing force in retail and make up a fifth of the population in the Asia Pacific region. They already account for 36 per cent of total retail spend, but this is expected to increase to 48 per cent by 2030 as the younger zoomers join the workforce, research from Afterpay revealed.
Soaring house prices, however, make it almost a pipe dream for this younger generation to own property as home ownership per capita plunges to levels not seen since the 1950s.
Mr Schneider believes these young Aussies are still focused on buying a home. “I say this because our research shows they are absolutely thinking about their future homes and, despite affordability challenges, they’re optimistic they will own a home one day.”
He further explained that their affinity with technology meant they are smart home enthusiasts, and are really interested in learning more about interior design and home styling.
Bunnings’ plan is pegged on supplying them with the tools and raw materials for home improvement and renovation projects.
“They want to source their DIY inspiration and discover products much in the same way as they curate their social media feeds and use other digital services. For Bunnings that’s meant doing things a bit differently, seeking out social influencers and brands on social media, and thinking about apps to help visualise a space online, blogs and YouTube videos,” he added.
Bunnings already boasts of a loyal following online, with 352,000 subscribers on YouTube and 386,000 followers on Instagram, all learning how to do anything from renovating bathrooms to designing a kitchen.
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