2022
9
US Marketing to Middle and High Income Americans Market Report 2022
2022-05-17T04:05:30+01:00
OX1100081
3695
151201
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Report
en_GB
“Middle and High Income Americans expect the best of both worlds as they value high quality products and services offered at reasonable prices. To appeal to Middle and High Income…

US Marketing to Middle and High Income Americans Market Report 2022

£ 3,695 (Excl.Tax)

Report Summary

“Middle and High Income Americans expect the best of both worlds as they value high quality products and services offered at reasonable prices. To appeal to Middle and High Income Americans, brands must prove that they are worth the price by offering extra-attentive services both on and offline. In addition, brands can resonate with Middle and High Income Americans by highlighting their product quality and leaning on technology to modernize the notion of customer service in an increasingly omnichannel world. In doing so, brands can not only bridge the gap between channels but increase their overall perceived level of quality and value.”

– Klaudia Kondakciu, Consumers and Cultures Analyst

This report covers the following issues:

  • The demographic makeup of Middle and High Income Americans
  • How Middle and High Income Americans describe their shopping behaviors
  • Sources used by Middle and High Income Americans for product discovery
  • Factors that drive brand loyalty
  • How Middle and High Income Americans define “luxury” when shopping
  • Middle and High Income Americans’ interest in emerging shopping technologies

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
        • Definitions
          • Market context:
            • Economic and other assumptions
            • Executive Summary

                • Top takeaways 
                  • Market overview 
                    • Opportunities
                      • Increase reach by tapping into Middle and High Income American’s social circles
                        • Figure 1: Sources used to discover new brands or products, 2022
                      • High quality can help justify higher prices
                        • Figure 2: Product factors that lead to regularly shopping from a brand, 2022
                      • For luxury shopping, physical stores still shine
                        • Figure 3: Select attitudes towards in-store vs online shopping (any agree), 2022
                      • Challenges
                        • Middle and High Income Americans expect both lower prices and higher quality service
                          • Figure 4: Self-described shopping behaviors, 2022
                        • High Income Americans are less likely to express interest in emerging technology
                          • Figure 5: Attitudes and interests toward emerging technologies, 2022
                        • Key consumer insights
                          • Middle and High Income Americans can be found in the suburbs
                            • Good deals are attractive to Middle and High Income Americans
                              • Middle and High Income Americans see value in trusted brands
                                • Getting high quality products is essential when advertising “luxury”
                                • Target Audience

                                  • Middle and High Income Americans make up over 60% of households
                                    • Figure 6: Household income distribution, 2020
                                  • Definitions
                                    • Household Characteristics
                                      • Middle Income Americans
                                        • Figure 7: Select demographics – Middle Income Americans Demographic Profile, 2020
                                      • High Income Americans
                                        • Figure 8: Select demographics – High Income Americans Demographic Profile, 2020
                                        • Figure 9: Percent shopped online in the past 12 months, 2022
                                        • Figure 10: Frequency of online shopping in the past 12 months, 2022
                                    • Market Factors and Current Opportunities

                                      • The supply chain slowdown shows no signs of easing
                                        • Figure 11: Spread the Feeling – Philadelphia Cream Cheese, 2021
                                      • Lean on sustainable alternatives to offset shortages in supply
                                        • Figure 12: Gucci Instagram post, 2022
                                      • Consumer confidence decreases while goods prices continue to increase
                                        • Figure 13: Consumer Sentiment Index, 2007-22
                                      • Brands must emphasize broader aspects of value to counteract reduced spending habits
                                        • Figure 14: Perceived financial health by income level, 2022
                                        • Figure 15: No Frills Instagram post, 2020
                                      • Connecting with younger consumers now is crucial to future growth
                                        • Figure 16: Population by generation, 2016-26
                                      • Partner with financial brands to help younger consumers build wealth
                                          • Figure 17: Louis Vuitton Instagram post, 2021
                                      • Middle and High Income American Consumers: Fast Facts

                                        • Self-described Shopping Behaviors

                                          • Middle and High Income Americans see themselves as bargain hunters
                                              • Figure 18: Self-described shopping behaviors, 2022
                                              • Figure 19: A #HeyPC Story, 2022
                                              • Figure 20: Preschoice Instagram post, 2022
                                            • The expectation of good customer service grows with both income and age
                                              • Figure 21: Self-described shopping behaviors – someone who expects good customer service, 2022
                                              • Figure 22: Saatva Instagram post, 2022
                                          • Product Discovery

                                            • Middle and High Income Americans make product discoveries through their inner circles
                                              • Figure 23: Sources used to discover new brands or products, 2022
                                              • Figure 24: Fortnite Instagram post, 2021
                                            • Entice High Income women to shop in-store
                                              • Figure 25: Sources used to discover new brands or products – in-store, 2022
                                              • Figure 26: Browns Fashion Instagram post, 2021
                                            • Podcasts are becoming a popular outlet of discovery among Middle and High Income parents
                                              • Figure 27: Sources used to discover new brands or products – podcasts, 2022
                                            • Leverage podcasts to build out a brand’s personality
                                              • Figure 28: Nordstrom Instagram post, 2022
                                          • Purchase Priorities and Brand Loyalty

                                            • The good price and high quality combo becomes more important as income increases
                                              • Figure 29: Product factors that lead to regularly shopping from a brand, 2022
                                              • Figure 30: Patagonia Instagram post, 2021
                                            • Reward Middle and High Income Americans for loyalty
                                              • Figure 31: Purchase priorities in the past year – A trusted brand, 2022
                                              • Figure 32: Sephora Instagram posts, 2022
                                          • Defining Luxury and Attention to Brand Names

                                            • Luxury is synonymous with quality
                                              • Figure 33: Definition of “luxury” when shopping, 2022
                                              • Figure 34: Le Creuset Truths: The First, Finest, and Favorite, 2019
                                            • Personalize customer service to appeal to High Income parents
                                              • Figure 35: Definition of “luxury” when shopping – Getting personalized service, Parents vs overall, 2022
                                              • Figure 36: Hungryroot Facebook post, 2022
                                            • Brand names hold more weight for Middle and High Income Millennials
                                              • Figure 37: Select attitudes towards brand name (any agree), Middle and High income Millennials vs overall, 2022
                                            • Partner across industries to help consumers express their unique personalities
                                              • Figure 38: Manime Instagram post, 2022
                                          • Luxury Shopping and Future Shopping Methods

                                            • The luxury shopping experience is still in-store
                                                • Figure 39: Attitudes towards in-store vs online shopping (any agree), 2022
                                              • Middle Income Fathers are ready to step into the future, though they prefer to do so in-store
                                                • Figure 40: Attitudes towards in-store vs online shopping (any agree), Middle Income Fathers vs overall, 2022
                                                • Figure 41: Attitudes and interests toward emerging technologies, Middle Income Fathers vs overall, 2022
                                                • Figure 42: Fred Segal Instagram post, 2022
                                              • Show personal relevance of tech to engage older High Income Americans
                                                • Figure 43: Attitudes and interests toward emerging technologies, High Income Americans vs overall, 2022
                                                • Figure 44: Attitudes and interests toward emerging technologies, High Income Americans aged 55+ vs overall, 2022
                                            • Future Opportunities and Strategies

                                                • Meeting the needs of Middle and High Income Americans through the lens of the Identity Trend Driver
                                                  • Branded communities can help consumers forge connections
                                                      • Figure 45: Athleta Instagram post, 2022
                                                    • Meeting the needs of Middle and High Income Americans through the lens of the Surroundings Trend Driver
                                                      • Brands must make progress towards a more sustainable future
                                                          • Figure 46: Coach Instagram posts, 2022/2021
                                                        • Meeting the needs of Middle and High Income Americans through the lens of the Experiences Trend Driver
                                                          • Real-life experiences will become increasingly valuable
                                                              • Figure 47: _woodnest Instagram post, 2021
                                                          • Appendix – Data Sources and Abbreviations

                                                            • Data sources
                                                              • Consumer survey data
                                                                • Direct marketing creative
                                                                  • Abbreviations and terms

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