Hardware Retailing The Industry's Source for Insights and Information
As the economy is continuing to improve, Baby Boomers and Millenials are moving to opposite locations based on their current needs.
According to an article by Realtor Mag, 17 million American move to a different county each year. Millenials are currently the most mobile generation, moving away from counties with populations of 178,000 or fewer and moving into counties with larger populations (500,000-plus).
Millenials are moving to higher-priced markets for buying and renting opportunities, based on more jobs and higher median incomes. However, Baby Boomers are leaving these locations for lower-priced markets in smaller counties. Baby Boomers are less concerned about the job market and more concerned with finding affordable places to live.
For retailers looking to best serve their customers, stores in urban locations should seek new ways to attract millennial customers, like connecting to them online through email or Facebook. Retailers in smaller counties will not want to disregard the millennial generation, but remember to keep your Baby Boomer customers happy.
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