April marked the start of what’s considered to be peak moving season. With roughly 35 million Americans relocating each year (per Census data), the period between April and September sees an estimated 80% of moves.
Anyone who’s ever moved knows it no easy feat: The packing, storage, shipping and transport, not to mention the unpacking. So many decisions and so much time and resources! And lest we forget — a lot of money. Americans spend a cumulative $150 billion annually on expenditures surrounding a move.
Between homebuyers and renters, buyers tend to drive the majority of this spending. According to research from Zillow, the typical homebuyer earns twice as much as the typical renter household. In addition to higher incomes, homeowners usually have more credit availability and access to new credit, increasing their spending power.
Apart from the purchase of the actual home, movers (which we'll define as those who have purchased a home) also accelerate their retail spending to furnish, personalize and improve their new abodes. Twenty-one percent of movers surveyed noted spending $10,000 or more on move-related purchases, with those purchases taking place within a 7-month window — before, during and after the actual move.
Reaching consumers who’ve recently moved or are preparing to move is a valuable but hard to attain goal for retailers. Common methods used to identify and communicate with movers include postal change of address notices or data compiled from public records like property or utility. While using such data can help reach movers, it's often incomplete, doesn’t distinguish between owners versus renters, and limited in timeliness to post-move.
Today, it’s possible to optimize your marketing spend by leveraging data signals that can be aggregated and anonymized for marketing use for finding movers, and more specifically homeowners. With data that’s indicative of a move and constantly refreshed, advertisers can hit relevant audiences. They can capitalize on the increased spending of the pre-moving window while minimizing potential wasted spend.
During this peak moving season when consumers are packing up boxes and opening their wallets, advertisers and retailers should be making their own moves by taking advantage of mover data to reach this highly valuable audience.