Epsilon, a data firm, recently released the results of the 2015 New Mover Report, which looks at consumers’ reasons for moving and associated purchase behaviors. The custom research surveyed 963 households that had recently moved to uncover several themes essential to every marketer’s strategic plan to target new movers.
Past research has shown that a household that moves typically spends $9,000 on goods, services and financial and insurance products. With tens of millions of Americans moving last year alone, this presents a unique, time-sensitive and lucrative opportunity for companies and providers across many industries to engage with consumers.
Top Reasons for Moving – New Movers Say;
The research showed that the most popular reasons for moving were: to have more space (22%), to be closer to family (18%) and to be in a different neighborhood (18%). Other top reasons included changing jobs or relocating, buying a newer home and downsizing.
Demographics played a key role in the motivation behind the move. Younger movers were seeking more space, relocating to a different neighborhood or moving because of a major life change (i.e. buying a home, getting married). For older movers, Survey found that they were downsizing, moving closer to family or perhaps retiring. The high-income earners surveyed, those making over $100,000, were more likely to cite work-related reasons as their motivation for moving.
Spending Behavior of New Movers
Of those surveyed, 49% were owners and 51% were renters of their current, new home. Home owners average income ($77,000) was higher than that of renters ($49,000), indicating that not only do they have more money to purchase a home, but they also have more discretionary income for spending on move-related purchases, with 75% of owners making move-related purchases, compared to only 57% of renters.
The majority of respondents made purchases related to their move; however 60% waited to make some household purchases until after the move. In the months leading up to the move, approximately half of respondents indicated spending less than usual on various items such as vacation/travel, shoes, clothing, gifts and entertainment. They continued spending less than usual in these categories in the months after the move.
Among the most popular purchases for new movers were furniture, such as couches/sofas, adult bedroom furniture and kitchen/dining tables, décor including curtains/window treatments, rugs and decorative wall pieces, appliances such as small kitchen appliances, washers and dryers and electronics including televisions.
Movers often acquire new service providers or change providers depending on where they relocate. Most common service changes occurred in the categories of water, internet, cable TV, electricity, satellite TV, home phone and gas.
New Movers Habits – Additional Information
You may also want to read our New Homeowners Buying Habits as it shed lights on similar matters and buying propensities right after the move, which should impact your business marketing goals.
As you consider these findings, if you wish to hear more about how our New Movers Mailing List and New Homeowners Mailing List can help boost your sales, on a weekly basis, as many thousands of businesses across the country are already doing – contact us today.