Moving In
Aug 1, 2006 12:00 PM
When people move into a new community, they exhibit unique buying patterns, but are a frequently untapped audience for local businesses, according to a new study conducted by Moving Targets. On average, new residents enter a period of ”hyperspending” in the two years after relocating, shelling out $7,100 on goods directly attributable to their move. These shoppers spend on items they might not otherwise. During the initial two-year time span after moving, an estimated 80 percent of residents will try products and services from local businesses. According to the study, 62 percent eat pizza on the day of the move, 65 percent of female respondents are anxious about finding a good hairstylist, 67 percent say it's difficult to find a good auto repair shop and 80 percent look to redeem gift certificates offered by merchants in their new neighborhoods.
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