Satistical data analysis in united states

STATISTICAL DATA RESEARCH PAPER FOR RETAIL PERSPECTIVE OF TEXAS

Consumer behavior and practices in the united states

The state of Texas in the United States is one of the majorly populated states signifying a wide pool of customer base for any relevant product. It is a region that has shown consistent market trends despite the fact that people migrate most of the time but the presence of a high economy is

a key driver to purchasing power of its occupants. As of 2014 census, Texas has a record population estimate of 27 million people signifying a substantial number of people to drive a high income economy. The majority of the demographics lie between 18 years – 65 years signifying a potentially vibrant population both in income generation and consumption power. At such an age bracket consisting majorly in the population lays a pool of varied consumer tastes full of diversity that can be easily analyzed through advanced analytics such as digital methods (Haslam, 2015) (Census. & Bureau., 2014).

Texas has historically been in an uptrend population increase signifying an active population that mostly lives in cities, tactically this is a young generation where the aged consist of minority and thus on a market perspective this signifies diverse product tastes and preferences and thus a differentiated product industry can only work to the better of the economy dynamics. With such a growing economy market research beyond primary research activities is a key requirement to market capitalization (Stone, Bond, & Foss, Va. : Kogan Page, ©2004).

Texas records a staggeringly 81.2% for 25+ years citizens with a high school certificate and above, moreover those with a bachelor’s degree and above qualification in the same age bracket were high at 26.7%. These values have plummeted from 2009 census when smaller percentages were recorded.  Texas however recorded 51^st position in USA in high school at 79.6 percent, 22^nd in college qualification at 22.6 percent, 44^th in associate’s degrees at 6.3 percent, 31^st in bachelor’s degrees at 25.3 percent and 36^th in graduate degrees at 8.3 percent (Census. & Bureau., 2014). This is a highly enlightened target group that is socially aware of current market trends, current brands and is highly dynamic with shifting product tastes.  The scope of acquiring same number of customer presently would require more inventories and dynamic product promotion as opposed to 2009 and before. However in the contrary 1.5 million were veterans signifying a low probability of creating engagement and transaction with a given retail brand (Hamersveld & Bont, 2007) (Haslam, 2015).

The precipitate income for the last six months as from 2013 was at $26,019 a value that was better off than in the other states. The median household income was at $51,900. The median home value is $125750. This value is of a high income economy and thus this gives them a high purchasing power since in comparison to their expenses such as rent and food prices leaves them with a high disposable income. The persons below poverty level were a mere 17%, this is a good figure when one compares such values to third world countries where over 80% of individuals may be below poverty line. The hierarchy of customer value here is high rated with such disposable income levels and thus customer value needs can be easily differentiated creating a wider pool of market (Brookes & ESOMAR, 1995) (Hamersveld & Bont, 2007).

Texas average monthly mortgage is $824 a month a high value; however this does not lead to higher drawdowns considering a per capita income of $26,019 and household worth of $125,750. To pinpoint competitive consumer value propositions lifestyle segmentation is usually researched which can be easily indicated through the data on wealth of the people of Texas (Census. & Bureau., 2014). The value of the customer corresponds linearly to the wealth of the said customer, therefore it can be predicted of a higher spending of a given market segment with a given brand in the future, this can be supported by increasing per capita income over the years.

The purchasing power of the people of Texas is signaled by the high enough pay per hourly rate for most occupations, generally this data was obtained, legislators have an average annual income of $34000, farmers $67170, education administrators $77,570, business and Financial Operations Occupations $73,830, Computer and Mathematical Occupations $81,600, Architecture and Engineering Occupations $89,660, Life, Physical, and Social Science Occupations $71,870, Community and Social Service Occupations $45,770, Legal Occupations $100,760, Education, Training, and Library Occupations $48,170,  Transportation and Material Moving Occupations $33,990. Analyzing this data gives a high value customer (Census. & Bureau., 2014) (Brookes & ESOMAR, 1995).

Works Cited

Brookes, R., & ESOMAR. ( 1995). Customer satisfaction research. Amsterdam: ESOMAR,.

Census., U. S., & Bureau., U. C. (2014). USA counties. Washington, D.C: U.S. Census Bureau.

Hamersveld, M. v., & Bont, C. d. (2007). Market research handbook. Hoboken, N.J. : John Wiley & Sons, : Hoboken, N.J. : John Wiley & Sons, .

Haslam, C. ( 2015). Business models. 3, Strategy, management and organization. London [u.a.: : Routledge,.

Stone, M., Bond, A., & Foss, B. (Va. : Kogan Page, ©2004). Consumer insight : how to use data and market... by Merlin Stone . London ; Sterlin: Va. : Kogan Page.