Changing Households

Posted on Feb 21, 2012

Changing Households

As if you did not know already, the times, they are a-changin’.  Understanding customer pools is critical to finding opportunities, planning marketing and creating strong customer connections.  Builders with married households as the primary customer set may be noticing even more economic pressure than that the rest of us, and it may be time to take a second look at those customers in the marketplace.

Barely half of the adults in the US are currently married according to Pew Research Center analysis of the U.S. Census data.   Compare:  in 1960, 72% of adults were married; in 2012 that figure is 51%.  28% of adults today were never married (followed by the 14% who are divorced or separated and the 6% who are widowed).  Check out more at: http://pewresearch.org/pubs/2147/marriage-newly-weds-record-low

What does this mean for builders?  Who is in the household can have a dramatic impact on design, needs, and budget.  These steps will help you learn what is happening in your marketplace:

1. Talk to area Realtors.  Active real estate professionals know who they do and who they do not see active in the marketplace.

2. Learn your demographics.  Get familiar with your location:  go to www.census.gov, look at Quick Facts, select your state, your city, and look for “Browse Data Sets” and find Social Characteristics.

3. Examine permit issuance.  See what is and is not getting permitted and built.

What’s been your experience with changing household demographics?   What have you learned from this? Have you changed your business approach to respond to new customer sets and changing demographics?  Please leave a comment; I would love to hear about your experience.

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