Qualified Remodeler Magazine

FEB 2017

Qualified Remodeler helps independent remodeling firms to survive, become more professional and more profitable by providing must-have business information, namely best business practices, new product information and timely design ideas.

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0 5,000,000 10,000,000 15,000,000 20,000,000 G E N E R AT I O N N U M B E R O F H O U S E H O L D S Source: John Burns Real Estate Consulting, LLC based on US Census Bureau data Pre 1930s 1930s Savers 1940s Achievers 1950s Innovators 1960s Equalers 1970s Balancers 1980s Sharers 1990s Connectors 2.9 M 8.0 M 22.9 M 23.5 M 21.0 M 19.5 M 7.4 M 15.7 M updating kitchens and baths. erefore, they are an important remodeling cohort today. 1980-89: SHARERS About 37 million Americans were born in the 1980s. ey are now aged between 26 and 36 years old. e group is augmented by 8 million immigrants the same age. In fact, by 2025, the number of 1980s Sharers in the U.S. is expected to grow to 45.6 million. is is the leading edge of a generation most commonly known as Millennials. e group is significant for two reasons. First, it is the biggest cohort in the U.S. Second, as Baby Boomers retire and shrink in size, it is the preferences of Millennials that will guide market- ers. ose born in the 1980s created the Sharing economy—AirBnB, Uber, social media, etc. is group is less competitive than prior generations. is stands to reason. Fully 30 percent of Sharers say debt is keeping them from buying a house. On top of that, they are forming households far later than previous groups. e remodeling and home improve- ment preferences of Sharers are yet unknown. Many Sharers were just entering the job market when the Great Recession hit in 2008. e cost in earnings and net worth has been significant. e book points out Sharers take pride in stretching their resources in new ways. It is not fully known how Sharers will im- pact the remodeling market, but technology will certainly be a key to reaching this very large group. Sharers are single and live in cit- ies. It is projected that they will move to the suburbs as they marry and have kids. 1990-99: CONNECTORS About 39 million were born in the U.S. during the 1990s. Four million others have immi- grated to the U.S. And by the year 2025, this cohort will number approximately 47 million, at which point, they will be the largest decade grouping of any other in the country. ere are more 23 to 27 years olds living in the U.S. than at any point in history. ey are called Connectors due to their wide use of technology and and social me- dia to stay in touch with parents, family and friends. ey have accepted a lack of privacy as a matter of course. Many give up their loca- tions on the internet in order to get a coupon. Connectors are struggling to find good jobs. at is why they tend to spend less readily than 6 5 + P O P U L AT I O N Y E A R Source: John Burns Real Estate Consulting, LLC calculations of US Census Bureau Population Estimates and 2014 National Projections 1960s Equalers 1930s Savers 1940s Achievers 1950s Innovators Pre-1930s 0 5 ,000,000 10,000,000 15 ,000,000 2 0,000,000 2 5 ,000,000 30,000,000 35,000,000 40,000,000 45 ,000,000 50,000,000 55,000,000 60,000,000 65 ,000,000 70,000,000 1960 1963 1966 1969 1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 2023 66 million 48 million Those born in the 1950s and 1960s have the highest number of households today. The 1950s Innovators will drive an explosion of 18 million more 65+ people in the decade ahead. TODAY'S HOUSEHOLDS Estimated 2016 Households by Decade Born SURGE IN 65+ POPULATION 65+ Population by Decade of Birth BUSINESS 36 February 2017 QR QualifiedRemodeler.com

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