Know Your Market
The Importance of Demographics – by Janet Gadallah, JLG Pottery
Previously published in the NWAA News, March 2015
Who knew all that stuff they tried to teach me as a kid in school would actually be useful one day? Sometimes, I wish I had paid more attention.
I am putting the focus on the demographics for South Lake Union, as this area is our newest market, and we believe the target market will be made up in large part by the millennial generation. We will get many types of people in that location, but by looking at the demographics, we already know a lot of things. If you Google “South Lake Union demographics”, a number of real-estate sites will come up, as most people buying a house want to know if it will be the right fit for them.
Demographics tell us some very important things like approximate number of people in an area, their ages and then, the breakdown of the number of males vs females, married vs single, whether they own or rent and income per household. The best part is how they spend their income.
So, here’s what we know about the South Lake Union neighborhood. The average age, based on the information below, is 34. Housing tends to be in condos and apartment dwellings versus houses and there is a higher number of singles, rather than married couples.
Now that we know how they live, we can make some reasonable assumptions about what we think they might buy or not buy.
As their space is limited, we don’t think they will be buying $10,000 sculptures (and yes, some of those can be pretty small). We think functional, wearable, gift-able and smaller works of art should sell well in this area. This area is high in techies and foodies, so a heavy focus on kitchenware (cutting boards, utensils, ceramic tableware) and food merchants (flavored oils and salts) should do well; also tech related products, like specialty thumb drives and leather laptop bags might just be a big hit.
We hope that by providing as much information about this location as we can, you will have the tools you need to better assess this opportunity. To view these and additional demographics online, please visit this link.