A wave of home moving could bring big opportunities for brands as the stamp duty deadline looms
Home movers are predicted to become a lucrative audience for brands across multiple categories over the next few weeks, as a combination of lockdown savings and the looming stamp duty deadline drives many to relocate. That’s according to new research from eBay Ads UK, which reveals that those surveyed who are buying a house are expecting to invest an average of £5270 just on purchases for their new home.
A nation of DIY enthusiasts
Naturally, the top priority purchases for people buying a new home are hard furnishings, such as sofas and beds (54%), and household appliances (53%). But the research, which surveyed 500 Brits looking to move house in the next six months, also reveals a nation of fixer uppers.
Almost four in ten (39%) of those surveyed who are looking to buy a house said they would rather renovate a property than buy one that is already done up, with over a third (35%) listing DIY equipment as one of the first things they’ll invest in when they move in. Nearly a fifth (19%) consider second hand, refurbished or upcycled items to be a priority.
Movers and savers
Over half (56%) of consumers surveyed who are planning to move house in the next six months said that saving during the lockdowns has allowed them to move sooner, or into a bigger place, than they might have done pre-pandemic. This means that not only is there a larger audience of home movers, they could be looking to furnish larger properties too.
Supporting insights from eBay Ads UK also suggest there will be an even bigger surge in home-related purchases as we approach the end of the extended stamp duty holiday in September. Searches in the Home, Furniture and DIY category on eBay peaked on 28th March – three days before the original stamp duty deadline – at a figure 35% higher than the same day a month before. And over the course of March 2021, leading up to the deadline, 81 searches were made every second in that category on ebay.co.uk.
The window of opportunity
The majority (63%) of home movers surveyed believe it will take between one and four months to buy everything that they need for their new home. But almost a third (30%) plan to spend five to six months kitting out their new abodes, suggesting an extended window of opportunity for brands to provide inspiration and information.
This September will be a key moment for home movers, potentially marking a final rush of house purchases as the stamp duty holiday comes to a close. With so much to think about and buy when it comes to moving, many people don’t know where to start. This presents an important opportunity for brands to help people find and do everything that they need. By using data to understand customers, brands can solve problems for home movers rather than simply selling.Harmony Murphy, GM Advertising UK, eBay
Young people pursuing the party
It’s not just home buyers that brands should be targeting, as many people will also be moving out and renting for the first time. The research from eBay Ads UK found that many young people are ‘flying the nest’ – with 25% of people surveyed aged 34 and under reporting that they are moving out of their parents’ house, and this figure jumping to 37% among 16-24 olds.
59% of respondents in the 34-and-under age group said they want to move to a city or town for the social scene – especially now hospitality venues are open again. This desire to move out and flock to cities will provide an opportunity for brands to target this demographic as they look to start afresh and kit-out their new homes.