In order to connect young, like-minded consumers who may be interested in purchasing a home but lack the means to do so on their own, HSBC is launching the 'Home Bae' event. Home Bae is a speed dating-style event that brings together those who may be interested in co-buying a property. The matchmaking-inspired event is set to be held for free in London just after Valentine's Day, where attendees will be treated to "cocktails, canapés and co-ownership conversations."
As many Millennials are avoiding or altogether delaying "adult" milestones like the purchase of cars and homes, brands are creating experiences that are focused on fun and entertainment as a means of making big life decisions seem less intimidating.
Over the last decade, Land Registry's UK House Price Index observes that house values in London have risen 62%, meaning that prospective homebuyers need to be able to put down about £96,400 for a 20% deposit—for many young consumers, finding a #HomeBae makes the idea of buying a home feasible.
Dating-Style Homebuyer Events
The HSBC Home Bae Pop-Up Introduces "Speed Dating" for Co-Buyers
Trend Themes
1. Co-buyer Matchmaking - The Home Bae event introduces a dating-style approach to connect co-buyers, creating an opportunity for disruptive innovation in the real estate market.
2. Fun and Entertainment-based Decision-making - Brands are leveraging fun experiences to make significant life decisions, like homebuying, less intimidating for Millennials, opening up potential for disruptive innovation in marketing and consumer engagement strategies.
3. Affordability Solutions for Young Homebuyers - As house prices continue to rise, there is a growing need for innovative and accessible solutions, presenting disruptive innovation opportunities in the finance and fintech industries to help young consumers achieve their homeownership goals.
Industry Implications
1. Real Estate - The co-buyer matchmaking concept can disrupt the real estate industry by introducing new models for property ownership and financing.
2. Marketing - Using fun and entertainment-based decision-making approaches can disrupt traditional marketing strategies and create new ways to engage and attract Millennials in various industries.
3. Finance/fintech - The need for affordable solutions for young homebuyers presents an opportunity for disruptive innovation in the finance and fintech sectors, such as innovative mortgage products or alternative investment models.