How to Overcome Retail-Customer Erosion by Capturing New Residents
People move for three main reasons: housing, work, and family. They move from every region of the country to every other region. And they move a lot: The U.S. Census Bureau tells us that 46% of Americans moved between 1995 and 2000. Moving is certainly very stressful. Researchers confirm that new residents are rebuilding their lives, reestablishing their identities, and dealing with a major life transition: a birth, marriage, divorce, career move, retirement, or death.
This transformation continues for at least two years, until the new resident feels at home. During that time, movers are far more likely to try new products and services than at any other time in their lives. In fact, in the weeks following a move, the average new resident spends $7,100 on everything from air conditioners to takeout meals. That makes recent movers a perfect source of new “regulars”.
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