Every year, around 11% of the UK’s adult population move to a new home, according to a Royal Mail Mover Marketing datasheet. And it’s an ‘inertia-buster’ that changes our spending behaviours dramatically. In the first 12 months after moving, we spend roughly the same on home improvements as we do in the five years that follow.
This equates to thousands spent by each mover on home improvements and move-related purchases in the year after moving. Indeed, around £16bn of UK consumer spend each year is attributed to people moving home, home movers being defined as people who are currently in the process of moving or have moved in the last three months.
This massive increase in consumers’ propensity to spend represents a huge opportunity for brands seeking greater return on their marketing budgets. Understanding why people move is the key to unlocking their spending potential.
Home movers have proven a fertile group to target for some time, and demographic segmentation has helped us reach broad groups of them in an accurate, timely, and rational way. But demographic and lifestyle data only tell us half the story about purchase preference, which we felt left a piece missing from the puzzle.
Cogent partnered with Ragdoll Research and engaged Professor Richard Crisp, Head of the Department of Psychology at Durham University to create Moving Minds, a ground-breaking attitudinal segmentation study that groups home movers into eight tribes according to their move motivations. It explores what these motivations tell us about each tribe’s mindset and investigates the behavioural psychology behind how this impacts decision making, and therefore, purchasing behaviour.
Behind every rational reason for moving to a new home, there are powerful emotional needs to be met. Moving Minds helps us to understand these needs, and how they make movers behave. By identifying the link between these behaviours and purchase decisions, Moving Minds is a powerful tool for brands to unlock home movers’ potential to spend.