Moving companies will spend £1.1bn on furniture over the next 12 months, says TwentyCi

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New research has revealed that, as of early April 2023, there were nearly 1.25 million households moving through the owner-occupied move-in journey, representing a jump of 60,000 from Q4 2022. .

The research, from the property data analytics specialist’s Q1 2023 property and move-in report TwentyCiit also reveals that people who move house are expected to spend £1.1bn on beds and furniture over the next 12 months.

According to the ONS, November and December 2023 saw monthly gains of over +20%, and furniture retail values ​​saw an increase of +8.9% in January 2023.

For the whole of 2022, the amount spent on furniture increased by +14% over 2021. However, retail sales volume fell in January 2023 by -1% compared to the same month of the previous year, and for In 2022, the amount purchased increased by +1.4% compared to the previous year.

Additional research from Mordor Intelligence reveals that the home furnishings market is poised to grow at a CAGR of +3.2% over the next five years, with movers being the most economically expensive consumer group. valuable.

Colin Bradshaw, CEO of TwentyCi, comments: “Movers will offer a £29 billion lifeline to a retail economy hit by the cost of living crisis, inflation and rising interest rates Every year new owners spend £1.1bn on beds and furniture, £462m on furnishings, £2bn on floor and window coverings and £4bn on kitchens.

“Furthermore, the AOV of a mover is significantly higher than that of a person not moving, with ROI derived from a focus on movers typically generating a return of £20 for every £1 invested.

“The buoyant housing market will support the UK furniture and flooring market. Our research shows that the first quarter of 2023 saw 269,000 residential sales, and nearly 70% of all properties listed in the first quarter have sold so far in 2023.

“Agreed sales and exchanges are also lower, but based on March activity, the real estate market could be trending higher. Crashes, price swings, and withdrawals have all increased, but remain remarkably low considering the unprecedented coincidence of the economic and geopolitical crises. The UK median sales price has held steady at £420,000 and while off the peaks recorded in Q2 2022, this represents an increase of +24% compared to 2019.

“For most moving companies, deferring expenses during a move on items like floors, beds, sofas, or kitchens is not an option. This makes targeting moving companies an obvious business choice. Understanding when households are on the move and at what stage can they drive huge revenue and ROI gains across multiple sectors and categories. Consequently, brands should consider adjusting their marketing to have a greater focus on this valuable group of consumers.”