Reading time: 3:30 minutes.
Moving industry statistics
The relocation industry around the world is one of the most diverse and complex industries. Consisting of multi-million dollar industries, large corporate organisations and independent movers, it is crucial to have a clear understanding of what to expect over the coming years in order to prepare for the next move in 2018. This is particularly important at a time when relocation budgets are being cut whilst employee demands continue to rise.
To provide you with an insight into the relocation industry and what to expect in 2018, we have put together a number of crucial moving statistics below.
General Moving Industry Statistics
Even though the moving industry is predominantly made up of small business, with 47.8% of industry companies employing less than five people and just 8.5% of industry companies employing 100 or more people, the sector employs more than 122,600 people. Today, when it comes to domestics moves, a rising number of people are choosing to conduct their move themselves, rather than employ professional movers to assist the move from start to finish. In the US alone, the employee relocation services industry generated $17bn in revenue in 2017 and experienced a growth of 4.7% between 2012-2017, with the industry expected to further expand.
Moving Behaviours & Trends
Interestingly, 44% of individuals use moving companies, with the most commonly moved items being household goods at 73%, followed by computers and other office equipment at 20%. Typically, the average mover in the US is aged 18 to 34, and is accompanied by one or two children, which is often considered to be a ‘home move’ for familial or employment purposes. As people get older, however, their tendency to move decreases considerably.
When it comes to corporate relocation, 38% of businesses choose to use a moving company, with around half of these moves taking place at the start of May.
Moving & Millennials
Today, millennials in America aged 25 to 35 are moving significantly less than previous generations. With just 20% of millennials reported having moved in the last year, this figure is set to decline. This is especially true when compared to the ‘silent’ generation in 1963 at 26%, which proves the millennials are choosing to stay in one place rather than relocate from country to country. Another reason for this is that motivations for moving are different to previous generations. For Generation X in particular, a major motivation to move was to own a property, but for millennials, homeownership amongst young households is at its lowest level in 40 years. This is majorly due to increasing lending restrictions and student debt, which makes buying a property more difficult.
Where & Why People Move
South Dakota, Vermont, Oregon, Idaho and South Carolina are among the top states most people are moving to. States with the most people moving out, however, include the likes of New Jersey, Illinois and New York. Reports in 2017 stated that individuals were ‘fleeing’ New York, and while this is an exaggeration, statistics do show that net domestic migration to New York City’s metro area has reduced by more than 900,000 people since 2010. The city appears to be a popular destination for immigrants, but for families looking for an affordable home to raise children, the city is less than ideal.
Self-Storage & The Moving Industry
In 2015, the Self-Storage Association stated that the annual self-storage revenue in the US was $36 billion. In addition to this, the total amount of self-storage space in the US is no less than 2.3 billion sqft, which is the equivalent to 82.5 square miles. In fact, it is said that there are more self-storage units in the United States than Starbucks and McDonalds, making America one of the biggest countries to offer self-storage solutions. The growing demand for self-storage and moving could have a major impact on the relocation industry in 2018, as the industry is expected to reach $71 billion in revenue by 2020. With the lack of storage space in many US homes and increased availability of self-storage around the world, the moving industry could see a decrease in demand for their own storage services.
Whether you’re moving locally or internationally, we’re here to help. Get in touch with a member of our expert team, today.