Moving is money well spent
In the good old US of A, an average of 13% of Americans decide to move each year. Interestingly, just prior to the pandemic, the US was experiencing the lowest moving rate on record – at just under 10%. In the midst of all that has happened in the last year with homeowners nesting and investing in their homes, we now see at least 20% of Americans are planning a move now or in the very near future.
These movers and shakers are being motivated by a number of factors. We’re entering traditional peak moving months with super-low mortgage interest rates. Over the past year, new perspectives on “work from anywhere” have fueled significant movement within the US. According to migration reports, several cities like Salt Lake City, Jacksonville, FL, Richmond, VA, Sacramento and Cleveland saw an influx during the back end of 2020, with very few in comparison interested in traditional urban hot spots like San Francisco and New York.
Regardless of where these movers are headed, they represent a potentially fruitful audience that brands should have in their sites. With 20% considering a move to a new home and a willingness to spend an average moving budget of $9,400, they’re a valuable target audience – and a sizable one. They’re three times as likely to buy furniture, have shorter consideration times and higher allocations to home décor. And when it comes to their moving budgets a significant percentage is eaten up by packing materials, moving services and storage pods. From there, in-home services and DIY needs and supplies help round out the moving budget.
That said, once the big move is over, local opportunities begin to come into play – ranging from retail banking and grocery shopping to local restaurants and retailers supporting ongoing household needs. Establishing new routines, trying new restaurants, and finding favorite new shops is a symbiotic dynamic vital to both incoming families and the businesses they’re forging long-term relationships with.
Predicting the behavior of new movers is critical when it comes to keeping in step with the big revenue opportunity at play. Whether identifying key geographies, keeping ahead of seasonal or pandemic-triggered moves, or simply creating communications strategies that provide solutions – it’s important to have a strategy that meets their needs – and drives your business.
By employing Unbound’s Custom Target Connection process, we can pinpoint and connect with new movers. We understand who they are, how to reach them and what touchpoints will resonate. At Unbound, we bring over 100 years of experience working with brands to sharpen their story and drive results. Our team of strategic leaders knows how to get into the hearts and minds of your key customers and reach them where they are – with messages that matter.
