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According to the U.S. Census Bureau, 12% of Americans move each year and the trend is on the rise. In fact, the average American household moves once every 7 years and can expect to move an average of twelve times during their lifetime. On average, those households typically spend $9,000 on goods and services, new credit cards, financial products and insurance products. Getting in front of households before they move is a lucrative opportunity for brands to introduce their products to prospective customers, extend their relationships with existing customers, and capture their share of the spend related to the move.
Epsilon’s New Mover Report, which surveyed 963 households that had recently moved, found that new movers were nearly equally split between owners (49%) and renters (51%) for their current (new) home. The majority of movers expect to spend money and their expectations tend to be in line with their actual spending. The majority of respondents (64%) indicated spending what they had expected to buy related to the move. Further, 85% of responders made purchases related to their move, with 60% waiting to make some household purchases until after the move.
By anticipating move-related buying behavior, marketers can tailor their messaging and capture a larger share of wallet from the tens of millions of movers every year.
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