WHO ARE WE?
This market features singles’ lifestyles, on a budget. The focus is more on convenience than consumerism, economy over acquisition. Old and Newcomers is composed of neighborhoods in transition, populated by renters who are just beginning their careers or retiring. Some are still in college; some are taking adult education classes. They support charity causes and are environmentally conscious. Age is not always obvious from their choices.
• Metropolitan city dwellers.
• Predominantly single households (Index 148), with a mix of married couples (no children); average household size lower at 2.12.
• 55% renter occupied; average rent, $880, (Index 85).
• 45% of housing units are single-family dwellings; 45% are multiunit buildings
in older neighborhoods, built before 1980.
• Average vacancy rate at 11%.
• Unemployment is lower at 5.1% (Index 93), with an average labor force participation rate of 62.6%, despite the increasing number of retired workers.
• 32% of households are currently receiving Social Security.
• 31% have a college degree (Index 99), 33% have some college education,
9% are still enrolled in college (Index 121).
• Consumers are price aware and coupon clippers, but open to impulse buys.
• They are more comfortable with the latest technology than buying a car.