Industry News

Home buyers, renters spend $170 billion on move-related expenses

Survey: Average household shells out $9,000 when relocating

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

A survey conducted by Move Inc., which operates home-search Web sites including, found that the average household spends about $9,000 on products and services directly linked to a move. The 2006 Mover Survey, which examined about 40 purchase categories, also found that about half of the moving-related spending is for a variety of household goods and services, including home decorating, improvement and repair. Movers spend about 60 percent more on such purchases than nonmovers, according to the survey. The rest of the moving-related expenditures are spent when switching to new merchants for services like banking, cable or satellite TV, telephone service and Internet access, the company reported, and movers also switch to new grocery stores, insurance companies, auto mechanics and pharmacies. Home buyers and renters in the pre-move and post-move cycle spend approximately $170 billion annually on move-related products and services. Many buying decisions were clustered around...