New Homeowners are an amazing market segment. They need a wide range of goods & services and will spend their dollars to get what they need. The New Homeowner list may be small in numbers, but when it comes to lifetime value, there is no more profitable customer.
New homeowners purchase more products and services in the first six months after moving than an established resident spends in a two-year period.
According to the 2012 Scarborough USA+ Study, New Homeowners spent over $19 billion dollars on home improvements. These expenditures range from furniture purchases to heavy remodeling projects.
New Homeowners Need to Buy
- Services – 99% of new homeowners spend money on Services. The list includes new doctors, new beauty salons, new dentist, new mechanic, new dry cleaner, etc. They will look for these services in the first 30 days after buying their home.
- Furniture – 60% of new homeowners spend money on Furniture.
- Window Coverings – 57% of new homeowners spend money on Window Coverings in the first 30 days after buying their home.
- Electronics – 52% of new homeowners spend money on Electronics in the first 30 days after buying their home.
- Kitchen appliances – 40% of new homeowners spend money on Appliances in the first 30 days after buying their home.
- Bedding/Mattress – 33% of new homeowners spend money on Bedding/Mattresses in the first 30 days after buying their home.
- Water Filters – 60% of new homeowners buy a water conditioner within a year of buying their new home.
- Pest Control – 70% of new homeowners will buy a pest control contract in their first year
- Landscaping – 51% of new homeowners will have landscaping work done on their new home in the first year.
- Do It Yourself – 49% of new homeowners made a purchase at Home Depot in their first year. 45% of new homeowners made a purchase at Lowes.
Sources: 2015 WQA Consumer Study, 2012 Scarborough USA+ Study, DMA 2008 study
There are lots of other products & services that New Homeowners need to buy. The list includes BBQ Grills, Swimming Pool Service & Chemicals. New Homeowners also need Custom closets, Garage Organizers, and Patio Furniture. Don’t forget about Termite Service, Insurance, Security Alarms & Monitoring, and Cable. The list goes on and on.