Article originally appeared on Retail TouchPoints
by Anders Ekman, President of V12
Moving to a new home is one of the most economically impactful life triggers. With more than $11,000 on average spent per move, new movers present a major opportunity for retailers to boost customer acquisition and drive revenue.
One of the most powerful forces today in the housing market is millennials. Between the ages of 25 to 40 years old, millennials are at a prime age to purchase a home. In 2021, 37% of homebuyers were millennials, higher than any other generation. They were also responsible for over half (53%) of new home mortgages.
Millennials are the new kids on the block and they are spending on numerous items and services throughout the move process. Like every generation, millennials have unique traits and behaviors related to how they shop and engage with brands. They are tech-savvy, social and mobile-first. So what does this mean for retail marketers trying to reach millennial movers?
Millennials and Brand Loyalty
According to V12’s 2021 New Mover Trends Report, millennial movers are open to trying new brands and services, with 92% willing to try new brands and 89% willing to try new service providers.
With brand loyalty being so fluid during the move, it is imperative that brands implement strategies to identify millennials on the move. Using data and technology, retailers can develop a rich understanding of these audiences in order to strategically target movers across multiple channels and with the right message throughout the moving process.
Millennial Movers Shop Early
Millennials aren’t waiting until they’re settled into their new home to make move-related purchases. They are early shoppers, with 67% of millennials purchasing items prior to moving and 54% switching service providers prior to moving.
With so many millennials starting their shopping before the move, brands should be actively engaging as soon as a consumer is signaling pre-move behaviors.
Today, richer sources of data and faster, more innovative technology allow brands to identify and reach out to movers well before the move. For example, brands can market to possible movers, who are browsing for move-related products and services. This timeframe averages one to three months before a move.
Retailers can also target potential movers, which is when a consumer lists their home but is not definitely moving.
Another essential audience is verified pre-movers. These consumers typically have their home under contract and are in the inspection, moving, or financing process. During this two-to-six-week pre-move period, consumers actively shop for move-related goods and services, making it one of the most valuable opportunities for marketers.
Following the move, post-movers will continue to shop for their new homes, and retailers should continue to market their products and services to stay top of mind.
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