Glenn Orchard on millennial homebuyers
From Angi CEO says he's seeing more millennial first-time home buyers · · CNBC Television
“We've got millennials coming into the market with 1.8 trillion dollars in excess savings on the sidelines, but because the housing market is so tight, we're not seeing them buy the houses they traditionally would. Instead, more first-time buyers are purchasing fixer-uppers and homes outside the centers in the suburbs, where they need to invest quite a lot right out of the gate to get work done in their home.”
On , Glenn Orchard, Chief Growth Officer at ANGI INC, spoke about millennial homebuyers during Angi CEO says he's seeing more millennial first-time home buyers on CNBC Television.
About Glenn Orchard
In a September 2021 CNBC interview, Angi CEO Oisin Hanrahan discussed a shift in consumer behavior toward booking home services through the company's mobile app, comparing it to how consumers use Uber or DoorDash. He reported that Angi's services business generated $55 million in revenue in Q1 2021, a 66% year-over-year increase, achieved without spending on consumer marketing. Hanrahan noted a correlation between Angi's business and the housing market, but said that during the pandemic, many people invested in their existing homes despite low housing activity. He stated that millennials, with $1.8 trillion in excess savings, are increasingly buying fixer-uppers and suburban homes that require immediate renovations, which benefits Angi. Hanrahan also addressed the company's European operations, saying Angi recently invested in re-platforming its technology stack there and expressed optimism about the region's reopening. He acknowledged a shortage of skilled labor in the construction sector and described a career as a skilled trades professional as an excellent choice with strong earning power. Hanrahan added that educating people about these careers helps Angi grow capacity, noting that the company's peak daily work volume rose from $300,000 in April 2020 to over $1 million in April 2021.