V12, a Porch Group Company, Publishes 2022 New Mover Trends Report

Rhea-AI Summary

V12, a marketing solutions provider and subsidiary of Porch Group (NASDAQ: PRCH), has released its 2022 New Mover Trends Report. Conducted by The Harris Poll, the survey of 1,009 adults reveals that 90% of new movers are willing to try new brands for services and products related to their move. Key findings show that 72% of respondents made purchases before moving and that 68% are planning home improvement projects. The report emphasizes the importance of early engagement with movers and how brands can adjust marketing strategies accordingly.

Positive

• 90% of new movers are open to trying new brands, presenting a significant customer acquisition opportunity.
• 72% of movers make purchase decisions prior to their move, highlighting a proactive market.
• The report offers actionable insights for brands to engage consumers early in the moving process.

Negative

• None.

• V12 Identifies New Opportunities for Brands to Engage Movers Across the Move Journey
• 90% of New Movers Willing to Try New Brands for Moving Goods and Services

TAMPA, Fla., Oct. 11, 2022 /PRNewswire/ -- V12, an audience and marketing solutions provider and subsidiary of Porch Group (NASDAQ: PRCH), today released a report detailing 2022 new mover trends. The study explores the state of today's movers and uncovers valuable opportunities for brands to reach a lucrative audience of consumers who are actively spending.

90% of new movers are likely to try new brands or companies, which is a massive opportunity for customer acquisition. 

The 2022 New Mover Trends Report was conducted online by The Harris Poll on behalf of V12. This study was conducted between June 21 and July 1, 2022, and surveyed 1,009 adults ages 18+ in the United States who have moved over the past 12 months or are planning to move in the next three months.

"Movers are a highly lucrative audience across numerous categories," said Michelle Taves, Group GM of Porch Marketing and General Manager of V12.  "Traditionally, mover marketing has focused on post-move data and engaging movers after their move. It's time to modernize mover marketing by targeting consumers with omnichannel and digital programs much earlier in the move cycle when consumers make most of their move-related purchase decisions. V12's MoverTech suite of mover marketing audience and media solutions are designed to do just that."

The report features an in-depth overview of today's mover, revealing the profile of the modern mover and how much they spend along with home improvement trends. Key findings include:

• Half or more of new movers did/anticipate will do research for moving services (51%) and home insurance (50%) before their most recent move/before their next move.
• When it comes to the items and services new movers paid for/anticipate they will pay for during the process of their move, nearly three quarters (72%) say they did so prior to the move. While 44% report they did so/anticipate they will do so after the move.
• 90% of new movers stated they would likely try a new brand or company for any items or services – specifically for internet (35%), furniture/home décor (34%), cable/streaming service(s) (30%), and appliances (29%).
• Around two-thirds of new movers (65%) report they would be likely to make a purchase through an ad they saw while using a search engine. Roughly three of every five new movers would also likely be influenced to make a purchase based on an ad they saw while using social media (62%) or using a search engine (61%). Further, more than half (58%) would be likely to make a purchase through an ad they saw while using social media.
• Additionally, more than half of new movers (56%) report they have ever actually made a purchase through a social media ad.
• Home improvement projects rank high on the priority list for new movers, with more than two-thirds of new movers (68%) saying they are doing/planning to do/have already done home improvement project(s) in their home – with painting (42%) topping the list. A third (33%) also report doing/planning to do/have already done landscaping, redecorating, bathroom remodeling, and/or updating flooring.

Taves suggested, "Our study revealed that 90% of new movers are likely to try new brands or companies for their products and services. This highlights the massive opportunity in front of brands to lead with their acquisition efforts to actively engage an audience open to trying new brands.  Equally as important, this is when companies should focus on retention efforts to keep consumers who may be in danger of defecting."

The report also showcases how brands can adjust their marketing efforts based on the findings to better engage movers before, during, and after their move, including:

• Why marketers should engage movers early in the move cycle when consumers are researching and making purchase decisions for many products and services for their new home,
• The importance of having a strong digital presence to engage movers early in the research process,
• And how to successfully use different types of marketing data, such as insights into life events and purchase intent, to reach movers with personalized messaging.

For more information and to download the report findings, click HERE.

About V12, A Porch Company

V12 is an audience and marketing solutions provider that delivers insight on movers and homeowners, with more context, and greater precision than any provider in the market. Our solutions deliver early access to 80+% of US homebuyers. V12 provides movers, consumer, shopping intent, auto, and property insights to deliver highly personalized, omnichannel, one-to-one marketing campaigns and outcomes across multiple industries. To learn more, visit v12data.com.

About Porch Group

Seattle-based Porch Group, the vertical software platform for the home, provides software and services to more than 28,500 home services companies, such as home inspectors, moving companies, real estate agencies, utility companies, and warranty companies. Through these relationships and its multiple brands, Porch Group provides a moving concierge service to homebuyers, helping them save time and make better decisions on critical services, including insurance, moving, security, TV/internet, home repair and improvement, and more. To learn more about Porch Group, visit porchgroup.com or porch.com.

About the Harris Poll The Harris Poll is a global consulting and market research firm that strives to reveal the authentic values of modern society to inspire leaders to create a better tomorrow. It works with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. One of the longest-running surveys in the U.S., The Harris Poll has tracked public opinion, motivations and social sentiment since 1963, and is now part of Stagwell, the challenger holding company built to transform marketing.

Survey Methodology

The research was conducted online in the United States by The Harris Poll on behalf of V12 Data among 1,009 adults who have moved in the last 12 months or will move in the next 3 months. The survey was conducted June 21st to June 30th, 2022.

Data are weighted where necessary by age, gender, race/ethnicity, region, education, marital status, household size, household income to bring them in line with their actual proportions in the population.

Respondents for this survey were selected from among those who have agreed to participate in our surveys.  The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data is accurate to within ±3.8 percentage points using a 95% confidence level.  This credible interval will be wider among subsets of the surveyed population of interest. 

All sample surveys and polls, whether or not they use probability sampling, are subject to other multiple sources of error which are most often not possible to quantify or estimate, including, but not limited to coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments.

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SOURCE V12, a Porch Group Company

FAQ

What are the key findings of the 2022 New Mover Trends Report by V12?

The report reveals that 90% of new movers are willing to try new brands, with 72% making purchases prior to their move.

How can brands engage new movers according to V12's report?

Brands should target movers early in their moving journey with personalized marketing and strong digital presence.

When was the 2022 New Mover Trends Report conducted?

The survey was conducted between June 21 and July 1, 2022.

What percentage of new movers are likely to make purchases through social media ads?

More than half (56%) of new movers have reported making purchases through social media ads.

What home improvement trends did the report identify among new movers?

The report found that 68% of new movers are doing or planning home improvement projects, with painting being the most popular.