Millennials have now surpassed Baby Boomers as the largest living generation. Why should self-storage operators care? Because they represent a huge targetWe’ve all heard the terms: Baby Boomers, Gen Xers, Millennials, etc. They refer to populations of a certain generation. Me? I’m part of Generation X. My nephew and some of my friends’ kids, however, are Millennials (also known as Generation Y). There’s no hard date range to define this group, but demographers generally agree its members were born between 1977 and 1997, making them 19 to 39 years old this year.
Why should you care? Because this cohort has now surpassed even the Baby Boomers as the nation’s largest living generation, based on estimates from the U.S. Census Bureau. They number approximately 75.4 million, with many of them drawn to urban centers where living and storage space are at a premium. That makes them a ripe target market for self-storage operators!
The next question is, do you know how to reach and successfully communicate with this audience? This will be key to your operation’s revenue growth over the next several decades as Millennials discover and mature into their professions, and make decisions about their lifestyle and income.