New movers have long been a lucrative market to engage with and for good reason. New movers are making large purchases in a relatively short amount of time to complete their moves and settle into their new homes. They’re also more likely to try new brands and service providers. So, what exactly are today’s new movers up to? What’s motivating them to move? And how are they spending?
8 Compelling New Mover Statistics for 2021
The 2021 New Mover Trends Report by Porch and V12 explores several different aspects of today’s new movers. Check out some of our most compelling findings in these new mover statistics.
1. Upsizing to a Larger Home is the Top Reason for Moving
According to 35% of new movers, the primary reason for moving is to move into a larger home. Other top reasons for moving include being closer to family, moving to a safer home, family size is growing, and relocating for a new job.
2. New movers are seeking homeownership versus renting
New movers are looking to put down roots and embark on homeownership. Of those planning to move in the next three months, 61% are planning to own a residence.
3. New movers are willing to try new brands
For many consumers, moving to a new home inspires them to try new brands and service providers.
In fact, 90% of new movers are open to trying new brands for any item, with furniture/home décor, TV, appliances, home improvement supplies, and pet supplies topping the list of items movers are most likely to try new brands for.
Additionally, 88% of new movers say they would try a new provider for any services, with internet, home insurance, and moving services topping the list.
But before these new movers are ready to purchase, they are researching the brands with competitive prices and those with great reviews and recommendations.
While new movers are a key part of a business’s customer acquisition strategy, new movers’ willingness to try new brands and service providers signals the importance of leveraging new mover marketing as part of your customer retention strategy.
4. New movers are making purchases and switching service providers sooner than previously thought
According to the research, new movers are largely making key purchases earlier in the move journey. As many as 64% of new movers reported purchasing items before move-in. Top items purchased before moving include solar, automobile, home improvement and supplies, windows, and fitness products or gym membership.
Not only are new movers purchasing items early, but 1 in 2 new movers also change service providers prior to move-in. Top providers changed prior to moving include solar installation, financial services/banking, home warranty, doctor/dentist, and home security.
As you can see, it’s critical for new movers to be engaged early in the move journey, when they are making several major purchase decisions. Otherwise, new movers become a liability that could very well drop customer retention rates.
5. How Today’s Movers are Spending
On average, new movers spend $8,068 within the first year of moving, with $6,002 spent on items and $2,868 spent on services.
Other than an automobile, items that new movers are spending the most on within the first 12 months of moving include furniture/home décor, solar panels, home improvement supplies, windows, and flooring. For services, new movers are spending the most on solar installation, home remodeling and repair services, flooring installation, home security, and windows installation within the first 12 months of moving.
6. Factors Driving Purchase New Movers’ Purchase Decisions
More than 2 in 5 new movers say they use online research to discover the types of businesses they may purchase from. In addition, over three in ten new movers utilize customer reviews and recommendations from family, friends, and neighbors (31%).
7. New Movers are Motivated to Pursue Home Improvement Projects
Home improvement projects are clearly connected to moving. As many as 83% of new movers say they are doing/planning to do or have already done home improvement projects. Top home improvement projects include painting, redecorating, kitchen remodeling, landscaping, and bathroom remodeling. Additionally, new movers who are involved with home improvement projects are 53% more likely to spend on move-related expenses.
8. 7 in 10 New Movers Wish They Had More Resources to Help Them During the Moving Process
A whopping 70% of new movers who have moved in the past 12 months say the moving process was more stressful than they imagined. Of these new movers, 68% say moving during the COVID-19 pandemic was more difficult than moving prior to the pandemic. Seven in 10 new movers wish they had resources that could help them with the move process.
2021 New Mover Trends Report from Porch and V12
Want more of the latest insights on today’s new movers? The 2021 New Mover Trends Report from Porch and V12 explores the profile of today’s new movers and provides valuable insights into movers’ life events, spending behaviors, attitudes about moving, and much more. Download your free copy here!
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