Demographic Trends
Baby Boomers
We expect the “baby boomer” generation to have a major impact on the future of the self storage industry. During the 19-year period from 1946 to 1964, approximately 77 million babies, or “baby boomers,” were born in the U.S. According to the U.S. Census Bureau, “baby boomers” make up nearly 27% of the U.S. population.
These “baby boomers” are heading towards retirement age and have accumulated valuable possessions over the years, many of which have sentimental family or historic value, such as pictures, letters and other family keepsakes. As the “baby boomers” move into retirement age and begin to downsize their households, we believe there will be a great need for self storage facilities to assist them in protecting and housing these possessions for prolonged periods of time.
Boomers’ Most Important Personal Possessions(1)
| Possessions |
All Boomers % |
| Pictures, photos, paintings |
70% |
| Family keepsakes |
28% |
| Jewelry |
16% |
| Collectibles |
14% |
| Vehicles |
8% |
| Furniture |
8% |
| Sports equipment |
4% |
| Clothing |
2% |
Boomers’ Likelihood of Moving To New Residence In Retirement(1)
(1)Source: Peter D. Hart Research Associates, Inc, “The Baby Boomer Generation-How their retirement will affect the future of the self storage industry,” Self Storage Association, July 2007