According to a study from the National Association of Home Builders, in the first year after buying a new home, homeowners spend almost $10,000 on average for furniture, appliances, home repairs, and a range of other services. Movers are a lucrative market that every business should be targeting. Just take a look at some of the statistics below that define new movers.
20 Must Know Statistics on New Movers
- Roughly 40 million people move each year, meaning the average business needs to replace about 20% of its customer base that move away in any given year. (U.S. Census Bureau)
- Annual expenditures exceed $150 billion.
- Up to 90% of homeowners make their major purchase decisions for their new home before leaving their current one.
- Within the first 180 days, new homeowners spend $9,700 on items for their new home.
- New moves are 5x more likely to become long-term customers if you can reach them before the competition.
- New movers are 90% more likely than established residents to purchase a car within the first year of their move. (Zillow)
- Auto dealers and repair shops rank among the top five most-sought-after gift certificates included within new mover marketing welcoming packages. (Zillow)
- Hundreds of auto retailers and repair shops nationwide generate an average monthly response rate of 12% using new mover marketing programs. (Zillow)
- Auto-focused new mover offers like “one free oil change” and “one free car wash” rank among the top 10 best-performing offers. (Zillow)
- Nearly 33% of the people who move do not report their new address to the U.S. Postal Service.
- Processing a mailing list through the National Change of Address catches only about 50% of new moves.
- 80% of new movers redeem coupons from merchants before, during, and after the move.
- The number of movers per home size in 2018 is similar to 2017 in which the majority of home movers have moved out f 1-bedroom homes and moving into 3-bedroom homes is on the rise. (www.mymovingreviews.com)
- The summer months of June, July and August historically see the most moves. (www.mymovingreviews.com)
- The top 12 reasons Americans move include: (www.move.org)
- The most popular new mover purchases include:
- According to Realtor.com, here’s a quick snapshot of some expenses that, on average, new homeowners will rack up during their first year.
- Sofa: $724
- Living room chairs and tables: $687
- Bedroom furniture: $634
- Clothes washer and dryer: $575
- Lawn mower/other yard equipment: $515
- Dining room and kitchen furniture: $345
- Power tools: $232
- Refrigerator or freezer: $183
- Bedroom/bathroom linens: $180
- Modular wall units, shelves/cabinets: $144
- Patio/porch/outdoor furniture: $159
- Curtains and drapes: $56
- Movers are 3 times more likely to buy furniture than non-movers. (Speedeon)
- 64% dine out 1-4 times per week. (Mail King USA)
- Moving impacts brand loyalty; movers are far more likely to switch brands than non-movers.
Target Movers Across Channels
According to research from Epsilon, movers used a variety of channels to research new businesses and make purchase decisions:
- 77% – I used the internet for move related information because it was the fastest.
- 75% – I preferred to talk to someone in person about move related topics.
- 70% – I kept move related information to refer back to when I was ready.
- 59% – Online information was more helpful than what I received in the mail.
When searching for new businesses and services, new movers clearly do not depend on one channel alone for research. They use a variety of channels, depending on what they are looking for and what stage they are at in the moving process. They may head to the Internet to research a new service provider, see a direct mail piece from your company, and then finally respond to your email offer.
According to a report by Marketingprofs, 40% of consumers try new businesses after receiving a direct mail piece and the DMA states that on average, direct mail advertising gives a business a 13 to 1 return on investment. And when utilizing digital advertising, clicking on an ad on a social site is often the first step toward a sale, rather than the last. 80% of consumers do “a lot” of online research for purchase decisions, and 46% say they count on social media when making such choices.
V12 offers mover marketing programs across channels:
Introducing MoverTech, a new generation of mover marketing.
For years, mover marketing hasn’t changed—little differentiation between vendors, few insights into pre-move indicators, and a focus on direct mail channels. Until now.
MoverTech is fueled by Porch technology, who provides software and services to home services companies such as home inspection and moving companies. Through these companies, Porch gains early access to homebuyers, seeing 80% of all houses bought in the U.S. per year. This proprietary source of information is combined with V12’s rich foundation of marketing data and insight to form the MoverTech suite of mover marketing data and technology solutions.
You can now target consumers with omnichannel and digital programs with confidence at the moment a home is placed on the market when consumers are making their most valuable purchase decisions.
MoverTech Case Study in Retail
“Our New Movers program is like printing money”
- Since inception, New Movers has contributed an incremental revenue boost of $8.2MM in sales, averaging just over $3MM per year.
- The New Movers program acquired 2,5oo+ new customers that have accrued a combined lifetime value of $6.96MM.
- In total, 5,298 orders are attributed to the New Movers program.
Interested in learning more about V12’s MoverTech mover marketing solutions? Contact us for more information.