Think about the last time you moved—whether you moved to a new rental or bought a new home, transferred to a new city or moved down the block. Did you buy new home décor? Become a customer of a new bank? Choose a new cable or satellite provider?
You're not the only one.
Moving is the largest life stage event—10 times the yearly number of first births, weddings, and students starting college. The average American household spends over $8,700 during the three-month time frame around a move. That equates to over $200 billion annually in total spend generated by moving consumers.
In both good and not-so-good economic times, movers outspend their non-moving peers by a huge margin. And it's not just their spending that is affected during the move but their relationships with all types of businesses.
Movers are likely to be making adjustments to their long-term financial plans, switching coverage to a different insurance provider, opting for a new telecommunication service, and making a list of favorite new restaurants.
Moving consumers are looking for new businesses and are up to four times more likely to try a new brand.
Getting to Know Millennial Movers
As more and more businesses take aim at the moving consumer segment, they will also need to understand the booming sub-segment of Millennial Movers. The Census Bureau reported that at the end of 2013, the cohort of 23-year-old Americans was the largest in the country, followed by 24-year-olds and then 22-year-olds.
Take the first step (it's free).
You may also like:
- Personalization vs. Intrusion: How a Mix of Artificial and Human Intelligence Can Create Balance
- Niche Marketers, Is Your Customer Engagement Strategy Up-to-Date?
- Three Proven Strategies for Engaging Millennial and Gen Z Customers
- Marketing in Controversial Markets: How to Build Trust
- Keep Consumers From Cheating on You: Foster a Community to Stay Together