Markets & Economy

2015 is the year consumers will stay put and renovate, survey says

American Express survey sheds light on consumer moving and upgrade plans

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Fewer Americans plan to move this year compared to last year, but a larger share will conduct home improvement projects, according to a survey commissioned by American Express. Some 27.8 million Americans, or 12 percent of the population, plan to move this year, down from 16 percent last year, according to the survey, which was administered by the marketing analytics firm Ebiquity. Though the overall share of Americans with plans to move edged down, a particularly high percentage of California (19 percent) and New York (17 percent) residents expect to pick up their roots, the survey found. The lower number of Americans expected to move might not seem to bode so well for home sales in 2015, but the survey's results generally reflect the housing market's continued path to recovery, American Express said. The share of respondents who said that it's a seller's market rose to 25 percent from 20 percent the previous year, and was up from 12 percent in 2013. Meanwhile, t...