WHO ARE WE?
Bright Young Professionals is a large market, primarily located in urban outskirts of large metropolitan areas. These communities are home to young, educated, working professionals. More than one out of three householders is under the age of 35. Slightly more diverse couples dominate this market, with more renters than homeowners. More than two-fifths of the households live in single-family homes; over a third live in 5+ unit buildings. Labor force participation is high, generally white-collar work, with a mix of food service and part-time jobs (among the college students). Median household income, median home value, and average rent are close to the US values. Residents of this segment are physically active and up on the latest technology.
•Approximately 57% of the households rent; 43% own their homes.
• Household type is primarily couples, married (or unmarried), with above average concentrations of both single-parent (Index 125) and single-person (Index 115) households.
• Multiunit buildings or row housing make up 56% of the housing stock (row housing (Index 178), buildings with 5–19 units (Index 275)); 43% built 1980–99.
• Average rent mirrors the US (Index 100).
• Lower vacancy rate is at 8.2%.
• Education completed: 35% with some college or an associate’s degree, 33% with a bachelor’s degree or higher.
• Unemployment rate is lower at 4.7%, and labor force participation rate of 72% is higher than the US rate.
• These consumers are up on the latest technology.
• They get most of their information from the Internet.
• Concern about the environment, impacts their purchasing decisions.