UK SELF STORAGE INDUSTRY REPORT 2023

Self storage customers tend to have access to more disposable income, with 55% earning more than the national average wage. Higher wage earners tend to fall within the self storage catchment age group due to the fact they have had longer to accumulate a large number of goods. The table below shows the third largest group have nil income, but these are customers that have retired. Of the survey respondents, 25% were retired.

Further consideration could be that this data is taken at a fixed point in time and does not account for the possibility that younger people use their units for a shorter period of time, contributing to the churn of customers, but not as representative at a fixed point sample such as this. Comparing the age of customers with their length of stay. Customers under 45 are more likely to be short term, 59% having their unit for less than 12 months compared to 39% of customers over 45.

SELF STORAGE

ANNUAL REPORT 2023

AVERAGE WEEKLY HOUSEHOLD INCOME OF SELF STORAGE CUSTOMERS

16

AGE OF CUSTOMERS CHANGE OVER TIME

14

18

12

16

2023 2021 2019 2017

10

8

14

6

12

4

10

2

1 %

1 %

1 %

10 %

14 %

12 %

9 %

6 %

5 %

8 %

8 %

8 %

2 %

3 %

3 %

7 %

0

8

NIL

6

£1 - £199

£200 - £299

£300 - £399

£600 - £799

£400 - £599

£800 - £999

4

(£1 - £10,399)

£1,250 - £1,499

£1,500 - £1,999

£1,000 - £1,249

£2,500 - £2,999

£3,500 - £3,999

£2,000 - £2,499

£3,000 - £3,499

£4,000 - £4,999

£5,999 OR MORE

(£31,200 - £41,599)

(£20,800 - £31,199)

(£41,600 - £51,999)

(£10,400 - £15,599)

2

(£15,600 - £20,799)

(£65,000 - £77,999)

(£52,000 - £64,999)

(£78,000 - £103,999)

(£156,000 - £181,999)

(£130,000 - £155,999)

(£260,000 OR MORE)

(£104,000 - £129,999)

(£182,000 - £207,999)

%

(£208,000 - £259,999)

0

15-19 YRS

20-24 YRS

25-29 YRS

30-34 YRS

35-39 YRS

40-44 YRS

45-49 YRS

50-54 YRS

55-59 YRS

60-64 YRS

65-69 YRS

70-74 YRS

75-79 YRS

80-84 YRS

85 YRS & OVER

More self storage customers own their homes rather than rent and represent a larger group compared with the national average. This marries with previous data, where the 50 and over age group own their own home and therefore tend to have greater disposable income compared with the national average.

%

Of the life changing events, divorce or couples separating are most likely to use self storage. Couples separating need to find somewhere else to live, often downsizing, with the need for somewhere to store their belongings during the transition and potentially for the long term.

MARITAL STATUS

HOUSE OWNERSHIP

50

40

30

20

OWNED WITH A MORTGAGE

10

OWNED OUTRIGHT

6 %

6 %

RENTED

50 %

48 %

35 %

32 %

14 %

8 %

0

NEVER MARRIED /SINGLE

MARRIED /CIVIL PART NERSHIP

WIDOWED DIVORCED OR SEPARATED

33 % NATIONAL

46 % SURVEY

29 % NATIONAL

26 % SURVEY

38 % NATIONAL

28 % SURVEY

SURVEY

NATIONAL

%

P. 76

P. 77