The national mover rate continues to decline, according to the Census Bureau, but even so, more than 27 million Americans moved last year. Movers make an attractive audience for marketers as big-spenders who are liberal with their brand loyalties. So who are they? A large portion are younger adults, according to V12’s 2022 New Mover Trends Report [download page].
Based on a survey of more than 1,000 US adults who have moved over the past 12 months or are planning to move in the next three months, the report indicates that Millennials (ages 26-41) comprise 46% share of new movers, easily the largest share of the various generations. Gen Xers (ages 42-57) make up about half as many new movers (22% share), followed by Gen Z adults (ages 18-25; 19% share) and Baby Boomers and older (ages 58+; 13% share).
This is not necessarily that surprising, as it stands to reason that youth would be more likely to move around. It also follows a longstanding trend, with previous data from 2017 showing that 18-34-year-olds had the highest mover rate and from 2013 indicating that more than 40% of movers were Millennials.
New movers are slightly more likely to be renters than owners, per the V12 report, and are more apt to be moving up (e.g. planning to move into a bigger home) than to be first-time homebuyers.
Research has shown that people in transition offer fertile marketing opportunities, and this latest report indicates that moving is likely connected in some part to life events. Indeed, almost two-thirds (64%) of new movers reported a recent life event. The most common of those were buying a car/vehicle and becoming employed, though others also got married or graduated from college/university.
Around half of new movers tend to research for moving services, home insurance, mortgages and home inspection services. While most tend to wait until after moving to make purchases, many – depending on the category – make their purchases within the first month of moving. This is particularly true for everyday needs such as utilities (58% share), cable/streaming services (57% share) and the internet (55% share).
The report reveals that 90% of new movers are open to trying new brands for items and services. The top items/services that movers would be most likely to try a new brand for are internet (35%), furniture/home decor (34%), cable/streaming services (30%) and appliances (29%).
Some of the top factors that would entice new movers to try new brands include good reviews, better prices than other brands in the same industry, and recommendations.
For more, download the report here.