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Insights & Innovation: The Great Relocation

It’s no secret that moving is one of the most stressful life events— and yet, we’re always doing it. Not even a global pandemic can stop people from changing addresses, as the last ~2-years have proved. Ever since March 2020, when our “new normal” began, it’s seemed like more Americans have been on the move than ever before. It’s an event some have called “The Great Migration.” However, it is important to differentiate the current phenomenon of relocation from the original Great Migration, which refers to the movement of nearly six million Black Americans out of the rural Southern United States to the urban Northeast, Midwest, and West between 1916 and 1970. Just how “Great” has this current phase of pandemic-era relocation been? To find out, we partnered with the research company Corus on a survey of over 2,000 Americans who have recently moved. Our aim was to: Understand COVID’s impact on moving Identify who moved and why Determine whether the move was positive or negative Find out how moving may have impacted patterns of spend What we found was somewhat surprising. By 2021, the majority of those who were willing and able to move due to Covid had already done so; as a result, nearly six million fewer Americans moved this year because of the pandemic. Read on for more discoveries and how marketers can help fill the gaps in times of transition. JUST HOW GREAT HAS THE “GREAT RELOCATION” BEEN? From February 2020 to December 2021, about 56 million Americans, or about 17% of the population, moved to a new home. That sounds like a lot, but when placed in historical context, it’s a number that has been steadily trending downward for more than 50 years. Even taking into account these low expectations, the number of people who

January 19, 2022
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Vox Media Insights & Innovation | Fintech: Helping consumers find true financial freedom

The finance industry has undergone a digital transformation. For decades, institutions have been our most trusted financial advisors, but the rapid rise of FinTech has allowed us to take matters into our own hands— literally. Through mobile smartphone apps, FinTech offers consumers new levels of access, power, and control, and as a result, they are now re-writing the traditional rules of finance to work in their favor. FinTech also creates new opportunities for financial inclusivity. By providing everyone equal access to products and services, FinTech aims to right the wrongs of the past and level the playing field for the future. But while these messages of empowerment, equality, and self-reliance resonate with today’s consumers, this new world of digital finance remains mostly unknown. To better understand how the finance industry is evolving, Vox Media partnered with Woo Brand Research on a survey of over 3,000 general consumers. 85% of those surveyed feel that technology has made it easier for them to access their financial information, and 82% believe technology has given people the confidence to take control of their finances. Still, overall usage on mobile finance apps remains low (with the finance-savvy Vox Media consumer being the exception to the rule). Now is the time for brands to build meaningful relationships with consumers and help guide them on their path toward financial freedom. Here’s our rundown on how consumers are shaping the new financial future. APPS ARE THE FUTURE Right now, 68% of consumers do most of their banking online. However, there is a growing desire to do more from their phones; in fact, over half (53%) say they would prefer to do all their banking on their smartphone if they could, and 52% say they would use their mobile phone to pay for everything. This desire, coupled with last

December 13, 2021