Quotes of Note
People who move to a new state typically spend more in the first year than they do in the next five.
–TRW Marketing Services
Top brands advertise more in a down economy
According to the Center for Research and Development’s 1990 study of consumer advertising during a recession, advertisers who yield to the natural inclination to cut spending in an effort to increase profits find that it doesn’t work. In fact, aggressive advertisers picked up 4.5 times as much market share gain as their overcautious competitors, leaving them in a far better position to exploit the inevitable recovery and expansion.
In the 1991 recession, while other advertisers cut their collective spending by 15.5%, the top 200 brands actually raised their total by 6.2%. McGraw-Hill found in the recession of 1981-82 that those who increased or maintained their advertising reaped a major sales advantage over their competitors both during and after the recession.
–American Assoc. of Advertising Agencies
New homeowners spend six to eight times more money than an established homeowner.
–Lifestyle Change Communications, Inc.
Boston out ahead in homebuying
In 1999, Boston had the highest percentage of two-income families among married homebuyers, accounting for 88.9% of all married homebuyers in the market and 96.6% of the first-time buyer segment. This compares with national averages of 80.5% and 84% respectively.
Also, Boston leads the way in used homes, accounting for 85.2% of all homes purchased, compared to 77.3% nationally.
–Chicago Title’s 24th Annual Survey of Recent Home Buyers
Home sales hit record
Lured by low mortgage rates, Americans pushed sales of previously owned homes to a record last year, even as the country suffered through a recession. The National Association of Realtors reported that 5.25 million homes were sold in 2001. That surpassed the previous record of 5.21 million, set in 1999 when the economy was booming. The record 5.25 million represented a 2.7% rise from the 5.11 million homes sold in 2000.
Americans on the move about every five years, report says
Forget the seven-year itch: Americans move to new homes about every five years. Homeowners tend to stay put longer, averaging 8.2 years, while renters relocate every 2.1 years, a Census Bureau report being released today says.
Nationally, the median time people lived at one residence was 5.2 years, meaning half moved sooner than that and half remained in their nest longer.
“America is anextremely mobile nation,” said Kristin A. Hansen, Census Bureau Analyst. “Every year, millions of people in the United States pack up and move to a different home.”
While the bureau has issued reports previously on how many people move each year–about one in six–the new figures are its first look at how long they stay put.
Excerpts from local and national press 1995-2002