How can retailers harness the spending power of home movers?

InsightFeatures Thu 7th Mar 2024 by KBBFocus

How can retailers harness the spending power of home movers?

How can retailers harness the spending power of home movers?

Holly Neal, a digital performance strategist at Door4, which specialises in helping homes and interiors businesses drive traffic, conversion and sales, explains some significant changes in home movers’ purchasing journeys and why they are a compelling market segment to target in 2024. 

Despite the Home & Garden sector expecting to see slow growth in 2024, projected at 1.7% YoY to £46.42billion, home movers' propensity to spend makes them a prime target for businesses seeking growth opportunities. Current estimates are that this audience spends on average £42,000 on goods and services in the months surrounding their move. So recognising and speaking to the unique needs and preferences of this market segment during their home-buying journey can be an important ingredient in an effective marketing plan.

Analysing property and homemover data, we have observed significant change in how recent movers in suburban and rural areas behave, particularly those interested in DIY, home improvements and gardening, we’ve found four key shifts:

A decline of 8% in engagement when this audience is researching products online 
While finding information remains paramount, there has been a notable decline of 8% in consumer engagement in researching products online since 2020.

Search for knowledge has increased by 8%
Recent movers are increasingly turning to online platforms to seek guidance on 'how to do things,' indicating a growing interest in practical, hands-on information rather than just product specifics.

There is a declining interest in product research
Contrary to the broader market trend, recent movers within this segment are showing a decline in interest when it comes to researching specific products or brands before making a purchase decision and there has been a 7% decline in researching products/brands.

Inspiration is taking a back seat
The desire for inspiration is waning among this market segment, with a 7% decrease in consumers actively seeking new ideas or inspiration for their home and garden projects.

So what does this mean for KBB businesses? 

Our research shows that applying a ‘Living, Learning, Buying’ approach when shaping a communication framework, which takes into account current trends in search priorities at different stages of home movers’ consideration journeys, can help to drive consideration in the moments that matter.

In the Living phase, consumers are immersed in the flow of their daily lives, not actively seeking out brands. However, certain channels naturally contribute to brand discovery as they go about their routines, it is here that it is important to build mental availability of future home movers.

Transitioning to the Learning phase, home movers are now preparing to enter the market and become more intentional in seeking information about products and brands as their interest is piqued. Understanding and conveying category entry points become crucial during this phase.

In the Buying phase, home movers are extremely active and ready to make decisions and these specific factors become paramount in influencing their online purchases.

The power of relevance
Segmenting audiences in this way, based on variables such as behaviours, attitudes and interests, is crucial to crafting highly relevant messages that resonate with active buyers. Being highly targeted with your communication channels and tailoring your messaging to an active audience segment will ensure that your marketing budgets work even harder, driving up that ROI and helping you to navigate the year ahead.

If you want to harness the power of home mover marketing, Door4 can support you with strategic audience targeting and help you get more for your budget during uncertain times.

Tags: insight, features, holly neal, home mover market, kitchens

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