HOUSINGNEWS REPORT
MY TAKE
understand their backgrounds and attitudes, something we summarized in the book. We gave each generation a name based on the shift they led in society:
• government policies, • economic cycles, • new technologies, and • societal shifts.
We live in an exciting time when American businesses can capitalize on rapidly changing demographics. These changes will impact the type of homes, offices, retail and storage spaces America needs, and where America needs them. Group the generations by decade born, and use the 4-5-6 framework to make decisions more easily.
We noted how each policy, cycle, technology or societal shift affected groups differently, depending on where they were in five life stages we describe. This framework will also help you adjust your strategy when one of the big four influencers (government policy, economic cycles, technologies, and societal shifts) changes unexpectedly. By doing this, you will better be able to answer the six who, what, when, where, why and how questions you are asking about your business.
• 1930s Savers • 1940 Achievers • 1950s Innovators • 1960s Equalers • 1970s Balancers • 1980s Sharers • 1990s Connectors • 2000s Globals
2. Apply the 4-5-6 Rule. We grouped all of the external factors that influence demographic behavior into four main categories:
FIGURE 2.1 Generational Clarity
usable definitions
GENERATIONAL CLARITY GENERATIONAL CLARITY
SILENT
BABY BOOMERS GENERATION X MILLENNIALS
EARLY LATE
Retired EARLY
LATE Still working
EARLY
LATE
No Internet in grade school EARLY
LATE Always had Internet
Traditional Definitions Traditional Definitions 19+/- years in length
Have no/ little home equity
Have plenty of home equity
Ages: 61–70
Ages: 52–60
Ages: 42–51
Ages: 33–41
Ages: 23–32
Ages: 14–22
New Definitions by decade born
SAVERS 1930s
ACHIEVERS INNOVATORS EQUALERS BALANCERS SHARERS CONNECTORS 1940s 1950s 1960s 1970s 1980s 1990s
L IFE STAGES
9% 21% 39% 9% 22% 38% 13% 35% 14%
8% 25% 67%
Young Singles (≤ 45) Young Childless Couples (≤ 45) Young Families (Oldest Kid ≤ 9) Mature Families (Oldest Kid 10-18) Mature Couples and Singles * Retirement Age
4% 25% 71%
1% 13% 86%
5% 95%
100%
100% 100% 100% 100% 100% 100% 100%
*Household head is either 46–65 or has an adult child living with them. 2014 data rolled forward to 2015. Note: percentages less than 1% have been left out, and rounding adjustments were made to total to 100%
ATTOM Data Solutions • P13
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