Each year, close to 12% of Americans move, and a household that moves typically spends $9K on goods, services and financial and insurance products. A move triggers new needs for the individual who’s transacting on a home or rental agreement—new appliances, a change in telco provider, a new grocery store, pharmacy, doctor’s office and so on. Marketers need to understand new movers’ lifestyles, attitudes and behaviors to seize these new business opportunities. During this life-changing occasion, movers are receptive to the brands that understand and cater to their specific needs. But marketers must keep in mind that not all consumers are making purchases before the move happens. Over half of major move-related purchases are made in the two months after moving. It’s important to understand the preferences of new movers and communicate to them based on these preferences to drive engagement.
According to past Epsilon research, consumers typically spend around $9,000 (per household) on goods, services and financial and insurance products when they move into a new home. New movers present a unique, time-sensitive and lucrative opportunity for brands to effectively engage these consumers and retain or gain loyal customers.