Movers Seeking Better Housing, Lower Rents
Now that the economy is improving, more consumers are moving to new residences. The U. S. Census Bureau’s Current Population Survey shows that 11.7% of all residents moved last year. Each move results in opportunity for marketers to sell good and services.
Census Bureau data shows that consumers made a move for the following reasons:
- Housing 48%
- Family 30.3%
- Employment 19.4%
- Other 2.3%
Consumers who moved for employment-related reasons tend to be male. These movers are also typically well-educated, 25.8% have a Bachelor’s degree and 35.2% have a professional or graduate degree. And, employment changes were associated with longer-distance moves. In addition, Asians had the highest rate of employment-related moves.
Researchers learned that Blacks are more likely than other ethnic groups to move for house-related reasons. When consumers move for housing-related reasons, the top factors driving the change in residence are wanting a new or better apartment or wanting cheaper housing.
The Census data also points to an increase in the formation of new households, a trend that economists have been looking for as a sign of an improving economy. In the past year, 10.5% of movers left their previous residence to establish their own household. These are consumers who will be buying goods and services to furnish their new homes or apartments.
According to Ad-ology Research, about 8.8% of U.S. adults want to move to a new apartment in the next year. The majority of these consumers are more likely than average to be single and between the ages of 18 and 34. In addition, about 38% of these consumers intend to buy new mattresses or new bedroom furniture in the next year, which is a significantly higher than average rate. During the past year, 45.8% of likely movers saw a social network post that led them to start an online search. Social network promotions may be an effective way for marketers to reach this audience.
AudienceSCAN data is available as part of a subscription to Ad-ology PRO. Media companies can access AudienceSCAN data through the Audience Intelligence Reports in AdMall.