Downsizing Definition According to 30 Years of Data
The William C Huff White Glove Moving and Storage Company has been keeping historical data on its clients for over 30 years. Today this data is helping the company to transition from a traditional brick and mortar company into a business that utilizes the latest technology to innovate how homeowners’ transition from larger homes to smaller, downsized homes.
Just about 10 years ago William C Huff Companies analyzed over 20 years of data that surrounded more than 20,000 clients and it was concluded that for many years most homeowners had been upsizing their homes. These “upsizing” homeowners had the luxury of having more room in their new homes than in their older homes, making the moves uncomplicated.
Looking ahead, the William C Huff White Glove Moving and Storage Company projected that many of these homeowners (primarily Baby Boomers and their parents) would begin to downsize as they retired and/or their health declined.
Speaking at a national estate managers conference in 2012, Jim Henderson, president and CEO of William C Huff Companies, revealed that over 80 million Americans would soon begin the process of downsizing. At the time of the conference most listeners had no idea what the definition of downsizing was. In fact, many attendees thought the definition of downsizing had to do with industrial businesses laying off workers and shipping jobs to 3rd world countries. They did not know that the definition of downsizing was evolving into a national phenomenon that would create a $400 billion industry!
Today’s definition of downsizing is all about homeowners who want to simplify their lifestyles by moving out of larger homes and into smaller, less maintenance, more environmentally friendly homes. From aging parents of Baby Boomers to Baby Boomers themselves to even Gen Xers, there is a tremendous surge in Americans who prefer simpler lifestyles. With a year of uncertainties related to Covid-19, there are even more Americans realizing that downsizing is the way to live in tomorrow’s new world.