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EGO-NOMICS RESHAPES THE NEW HOUSING SCENE A decade ago Faith Popcorn outlined 10 mega trends she claimed were reshaping consumers nationwide – “cocooning” was her most well known trend icon – the desire for a more controllable environment and sense of community. A lesser quoted trend has not only been
realized but had an enormous impact on the new home industry – “Ego-nomics” – demanding
products customized to the consumers individual taste. The housing
industry’s response – very slow at first – was
to offer a la carte options that allow consumers to semi-customize
their homes. The booming economy of the new millennium has created the most competitive new housing environment since the mid-seventies. Never before has the supply of land combined with the amount of new housing to produce the greatest choice in history for consumers. This extensive choice, coupled with Ego-nomics, has caused the building industry to adopt new strategies to capture market share – THE DESIGN STUDIO/THE UPGRADE CENTRE. This trend is not distinct to the housing scene. It’s one reason why Toyota offers 18,000 theoretical combinations of options on it’s new car; why Newsweek lets readers customize magazines by offering eight extra pages per month on topics they select; why we are entering a 500 channel television universe with interactive personalized selection; why the internet explosion is effectively the greatest individual customized service in the history of mankind. The Ego-nomics of the 90’s has led to the Design Studio of the new millennium. No longer will the consumer be restricted to the standard broadloom, two kitchen cabinet selections, and one colour paint throughout. All of which would be displayed up against the corner wall in the sales trailer. Mattamy, Tribute, Aspen Ridge, and Senator Homes are but a few examples of GTA builders who have recognized this consumer trend and provided major Design Studios – and they are spectacular – a virtual dream tour of finishing options and upgrades for every imaginable component of the new home. The key advantages to the consumer:
The builder is able to meet and exceed consumer’s demands for individuality while passing on the cost saving to the consumer during construction. Yes, there are some builders who will charge “too much” for that upgrade to hardwood flooring – there are some who won’t do it at all. This is the joy and opportunity of a competitive marketplace. The consumer is King in the GTA, the choice extensive, the value and affordability of new housing the best in decades. Ego-nomics has driven the consumer to no-longer question the future of the economy but the economy of the future. Despite the current short term slow down in general economic performance, the economy of the future has been dramatically altered by technological change. The impact of the personal computer has enabled the consumer to actualize his/her desire for customization – and just as importantly has allowed the builder to deliver on the promise. Last year there were more computers made than TV’s; more computers sold than automobiles. The techno wiring and location of the computer has become critical in new home design – and a decade ago the Fax machine was a new phenomenon. If knowledge is power then communication of that knowledge is all-powerful. Satisfying Ego-nomics in the digital age is being delivered through the Décor Studio. Communication is the key to securing and enhancing consumer confidence. In an ego driven world remember the motto of Nordstrom Stores – under promise and overachieve! Unfortunately many of us are guilty of the opposite. If consumer’s expectations are over promised the impact is devastating. An unhappy buyer carries an influence far beyond the immediacy of that single purchase. The most successful builders are those that have found a balance between satisfying consumer demands for customization with perceived value. The era of Ego-nomics has created the Design Studio and the ultimate winner has been the new homebuyer – Happy house hunting! Keep Positive!
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