First Up: Newlyweds
2. Overlap Between Life Stages
The 1950s model of engagement, merging households, marriage and then children no longer dictates newly married behavior today. Today there is a lot more flux between these events and overlap between the different markets. "We are finding increasing numbers of couples who are living together before marriage ... there is some fluidity in those first few steps," Alexander comments.
Riley agrees that when prospects go through one life-stage event, they often keep an eye on the next one ahead. The tracking from thenest.com proves this point as unique visitors to the site also are moving between theknot.com and thebump.com.
3. Attitudinal Shift From ‘Me' to ‘We'
"There is a series of behaviors that kick in when people form couples ... It is a reorientation of how people make decisions based on what's best for me, towards what's best for us as a couple," explains Alexander, who says that maybe three in 10 people are focused on organizing their personal finances before they get married, a number that doubles after the wedding. "There's this recognition of the fact that we're a unit now, and we need to function as a unit," she explains. While most marketers might assume the female is the one influencing most purchase decisions, Alexander, who is currently conducting research to be released in April, believes that at least half the decisions couples make are joint decisions, in which they rely heavily on their partners' preferences.
4. Profitable Market for Many Sectors
When couples are newly married, according to Riley, they consider an array of products and services including real estate, financial planning, automotive, insurance, and shelter or nesting purchases-and life insurance purchases are most often triggered when people are newly married or have their first child. As Alexander pointed out before, 20 percent of her audience is considering purchasing a home, making real estate an obvious contender in this market. Also, banking and financial services are a necessity as couples merge their finances into joint accounts.