Should Your Auction Be Attracting Younger Buyers

Auctions have always had a reputation for being formal affairs. The oldest auction ever recorded was in 500BC in Babylon, while the oldest auction house was first established in 1674 in Stockholm, Sweden. Auctions are deeply rooted in history and culture, which explains why tradition is so hard to leave behind.

However, younger buyers are entering the auction arena, and they’re tech-savvy, research-conscious and value-driven. The question now becomes, how can auctioneers adapt and appeal to this new audience so that they don’t get left behind?

Who are these younger buyers?

According to the latest data analysis from The Negotiator, there’s an incredible 441% increase in the amount of 18-24-year-olds interested in auctions. This data confirms that Gen Z (roughly born 1997–2012) are actively exploring auctions, a space that has always been dominated by a traditional, older generation.

But it’s not just Gen Z. Millennials (born 1981–1996) are looking for investments that offer value and that appeal to their tech-savvy nature. These generations have been shaped by rising inflation and a cost of living crisis, which has made them value-conscious and driven to find new ways to purchase items affordably. Auctions offer the ideal opportunity for this new generation of buyers to access quality goods, such as vehicles, properties, or even appliances, at competitive prices.

Why Younger Buyers Should Matter to Auctioneers

Growing your client base is essential to growing your business, and the reality is, the existing buyers are aging.

Younger generations are entering their prime earning and investing years, and by 2030, Millennials and Gen Z are expected to control a large portion of global spending. Perceptions around auctions are shifting, particularly as younger buyers seek value and instant results. Auctions provide them with the opportunity to access a process that’s transparent, fast and seamless – all the benefits that young buyers are looking for. Additionally, these generations are environmentally conscious and consist of individuals who prefer to align themselves with businesses that share these values. Auctions offer one-of-a-kind items and second-hand goods that appeal to their interest in sustainability and conscious consumption.

For today’s auctioneers, younger buyers represent decades worth of future buying power, and auction houses will need to invest in them now in order to grow their future customer base.

How to Attract Younger Buyers

Educate Your New Audience

It’s difficult to sell the value of auctions if your audience doesn’t understand it. Auctions have always felt intimidating for first-time buyers. Therefore, it’s not that younger buyers are avoiding auctions in favour of familiar platforms like Facebook Marketplace, but they just don’t know how auctions work. If this is a generation that is value-driven, then auctioneers need to provide them with value in the form of education. Short-form video explainers, simple yet accessible education, and beginner-friendly guides are all ways you can remove friction and build confidence in this younger audience. A buyer who understands how to register, how to set a budget, or how to create an auction strategy is more likely to convert. This education process is also a clear signal to them that you’re not just here to sell, but to help. This is something that can build loyalty in your brand. Meet Them Where They Are Millennials and Gen Z are digital natives and are mostly focused on online engagement. Social media, mobile apps, and digital communities are just a few ways this audience is finding brands. Auctioneers will need to meet them here in order to get their attention. When doubling down on digital, it’s imperative auctioneers remember that this is a generation that sees authenticity and trust above all else. For example, a young millennial is more likely to trust a TikTok review or friend’s recommendation than an advertising pamphlet. But there are benefits to going online.

Art auction house Christie’s reported a 65% increase in new users from online sales and has committed to being a “digital-first company.” By embracing this philosophy, they have achieved remarkable success, including a 28% rise in website traffic and a 72% boost in Instagram engagement, simply by posting regularly on social media platforms. Today’s auction attendees are looking to do everything from their laptops and phones, and auctioneers will need to keep this in mind when pandering to this audience.

Invest in Tech

Integrating technology into your auctions can’t be seen as a novelty anymore, but a necessity. Gen Z and Millennials want a seamless digital experience, and if you don’t have the tech to back this up, you can expect them to walk out the virtual door. This is clear to see by the growth online auctions have experienced over recent years. According to GII Research, the global online auction market was valued at $3.8 billion in 2023 and is projected to reach $7.7 billion by 2030. While in-person bidding is not going anywhere, hybrid auctions are offering a bridge between both worlds. This flexible format allows younger buyers to choose between the excitement of in-person bidding or the convenience of joining online. Technologies like artificial intelligence and blockchain can help auction houses streamline customer service, process large amounts of data, and provide greater transparency and security. As such, auction houses will need to leverage these technologies to keep up.

The Takeaway

Younger audiences represent long-term value and purchasing power that helps to future-proof an auctioneer’s business. Investing in modern technology, educating this audience on the benefits of auctions, and meeting their expectations through digital experiences are all ways auctioneers can stay relevant in this evolving landscape.

At Auction Calendar, we’ve adapted to this shift by equipping potential buyers with expert insights and straightforward guides that make auctions less intimidating and easier to understand. Our platform offers a digital-first experience that’s seamless and convenient for both buyers and auctioneers, while leveraging social media to connect with the next generation exactly where they are. This ensures your auctions reach the right buyers through a streamlined marketing experience.