Suburban markets are expanding around hyperurban hubs across the world, creating new consumer markets for companies and marketers. With the impact of Coronavirus (COVID-19), even temporarily, consumers are re-evaluating their housing needs. This report examines the growth drivers behind suburban living, such as affordability and new working conditions, as well as looking at the growing opportunities in these areas
Major markets such as Canada, the US and Russia already have large suburban populations that are continuing to expand around metropolitan areas, while the growing number of megacities (especially in Asia) is creating huge suburban sprawl. In the US, both New York and Los Angeles will add an additional one million people each to their suburban populations over the 2014-2040 period.
Rising real estate prices, pollution and demand for greener and more spacious areas are the primary drivers behind growth in suburban areas, although secondary factors such as improved transportation links and better technologies also play a role.
The COVID-19 impact has accelerated the pro-suburban trend, with the “death of the city” taking hold across multiple regions. The rise in remote working opportunities and consumers in general re-evaluating their lifestyles has driven demand for out-of-city accommodation.
Couple-with-children households typically prefer suburban areas to inhabit. Through to 2040, couple-with-children households will have the highest annual per household expenditure level in every region compared to all other household types. This presents a lucrative segment for goods and services.
Limited suburban access to urban amenities and shopping experiences are expanding opportunities for companies in home technologies and both offline and online retail. Rising demand for suburban units is driving business for real estate developers, while suburban-specific demands are impacting mobility trends.
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