Wally set out to build stunning homes for a new generation of home owners. Millennials are set to outspend baby boomers making them the largest generational segment, with more buying power. However, what sets millennials apart is the fact that they rather spend on experiences over tangible items.
Millennials have steady cash flow but little accumulated wealth. This creates a unique issue for the traditional business model of mortgage banks. Nearly half of millennials say they want to buy a home but cannot afford it believing they will never actually be able to afford a down payment. A 1/3 think the only way they will be able to own a home is through inheritance. But with Wally Living, millennials can own their home without a mortgage and all the costs that come along with one. And, Wally enables you to move at a moments notice, offering a flexible lifestyle, instead of being stuck with a huge asset that you cannot unload.
The definition of luxury has changed from privilege and status, to excellent design and superior quality. Millennials are all about spending their hard earned cash on premium experiences for shareworthy stories leveraging social currency. Young consumers care more about quality and accessibility, rather than taking things at face value, engaging with the back story to satisfy a strong desire for authenticity.
Millennial consumers do not feel the need to collect trophies and have their purchases define them the way baby boomers did. Instead, they collect memories from unique experiences. And with the ease and comfort of online shopping, and vastly popular websites such as Rent The Runway or Bag, Borrow and Steal, renting luxury instead of acquiring it, has become the standard.
Today, only one in two consumers agree with the statement, “owning things is a good way to show my status in society.” And four in five consumers agree that there are real advantages to renting over owning.
These points are why Wally set out to create a new age development company, enabling the largest spending generation, millennials or the experience generation, to rent luxury while acquiring experience.
Wally Living allows anyone to live in their dream home for as little or as long as they wish, building equity and working toward ownership in half the time, without the traditional mortgage and expenses.
Wally creates luxury with a story, with superior craftsmanship and state of the art technology so clients can choose where they want to live, creating an ecosystem of progression, design, luxury, value, and flexibility, that goes hand in hand with the experience generation’s habits and mentality. While offering the options and quality they demand to keep them as life long customers.