Market Focus - New Movers
At one point or another, everyone is a new mover. Whether it's striking out on your own from the family home and into that first apartment, or moving up to a single-family residence with your spouse and new baby, or trading in that empty nest for a chic condo in a warmer climate—it's not often that you find a life-stage event that touches so many consumers' lives. Every month—in fact every week—there are new movers packing up boxes in one locale, only to put down roots in another, be it two blocks away or on the other coast of the United States.
Dave Thornbury, president and CEO of Horsham, Pa., data compiler CPC Associates, says that according to the latest census data, approximately 17 percent of the U.S. population moves annually. Some estimates place the number of Americans moving per month between 1.5 million to 2 million. Based on a blend of proprietary and census data, customer acquisition solutions firm Datagence Inc., in Red Bank, N.J., cites that approximately 75 percent to 85 percent of these folks move to a new address in the same metro area. Ten percent stay within the same ZIP code, while 10 percent move to another state.
Putting Down Roots and Cash
Not only is this a constantly replenishing customer base, it's also a group willing to spend on its needs and wants. "New movers spend an average of $10,000 to $12,000 in the first 12 months of moving," says Joann Kropp, president of list management and brokerage firm Walter Karl, Pearl River, N.Y. "This equates to more than $150 billion annually." The median income for new movers is $44,000 a year.
Although anyone can be a new mover, the median age for the typical mover is 42, with a 50/50 split between men and women.