2020
9
US Marketing to Middle Americans Market Report 2020
2020-08-27T14:07:22+01:00
OX987050
3695
122816
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Report
en_GB
“Middle Americans are an advantageous consumer target for brands and marketers, having decent discretionary spending power and an optimistic outlook on their future financial situation. Falling in between the economically…

US Marketing to Middle Americans Market Report 2020

£ 3,695 (Excl.Tax)

Report Summary

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the Marketing to Middle Americans: Incl Impact of COVID-19 – US market, and the behaviours, preferences and habits of the consumer.

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What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Covered in this report

Middle Tier Americans represent the average American with middle income and average education. While most have a positive outlook and are optimistic about their financial futures, they have been markedly impacted by layoffs and lost wages due to the COVID-19 pandemic and economic downturn. In the short term they will seek stability by cutting back on spending, saving where they can and waiting out this recessionary period hopeful for a full recovery.

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Expert analysis from a specialist in the field

Written by Lisa Dubina, a leading analyst in the Culture & Identity sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

Middle Americans are an advantageous consumer target for brands and marketers, having decent discretionary spending power and an optimistic outlook on their future financial situation. Falling in between the economically limited Lower Tier consumer and the more affluent Upper Tier consumer, Middle Americans represent the average American with moderate income and level of education. Unfortunately, the Middle American segment has also been markedly impacted by the layoffs, lost wages, and hazardous working conditions stemming from the COVID-19 pandemic. Lisa Dubina
Senior Culture Analyst

Table of Contents

  1. Overview

    • What you need to know
      • Definitions
      • Executive Summary

          • Target audience overview
            • Top takeaways
              • The issues
                • The economic repercussions of COVID-19 hit Middle America hard
                  • Figure 1: Short-, medium- and longer-term impact of COVID-19 on Middle Americans, May 2020
                • Despite current financial concerns, Middle Americans are optimistic for their financial future
                  • Figure 2: Financial wellbeing – by status segment, March 2020
                  • Figure 3: Future financial status – by status segment, March 2020
                • Financial savings is key to financial success, according to Middle Americans
                  • Figure 4: Factors of financial success – by status segment, March 2020
                  • Figure 5: Recent and upcoming expenses, March 2020
                • Middle America is overworked, underpaid and struggling to save
                  • Figure 6: Financial context – by status segment, March 2020
                • The opportunities
                  • Provide Middle Americans with financial guidance
                    • Brands have opportunities to provide stability
                      • Focus internal efforts on employees
                      • The Impact of COVID-19 on Middle Americans

                          • Figure 7: Short, medium and longer term impact of COVID-19 on Middle Americans, June 2020
                        • Opportunities and Threats
                          • Threats
                              • Figure 8: Top areas of reduced spending, March 2020
                            • Opportunities
                              • Figure 9: Mintel Trend Drivers
                            • How the COVID-19 crisis will affect Mintel’s three status segments
                              • Figure 10: Concerns of COVID-19 affecting lifestyle – by status segment, March 2020
                              • Figure 11: Changes made due to COVID-19 – by status segment, March 2020
                            • How a COVID-19 recession will reshape financial status
                              • Pandemic may shrink the middle
                                • Unemployment more severe for Lower Tier
                                  • Figure 12: Unemployment – by status segment, March 2020
                                  • Figure 13: Number of employment sources – by status segments, March 2020
                                  • Figure 14: Unemployment and underemployment, January 2007-June 2020
                                • COVID-19: US context
                                • Target Audience – What You Need to Know

                                  • The majority of Middle Americans are women
                                    • The American middle class is becoming more diverse
                                      • Gig employment makes up a quarter of Middle America
                                      • Target Audience: Middle Americans

                                        • Middle Americans: The Average American
                                          • Figure 15: Status segments, March 2020
                                        • Middle Americans are significantly more likely to be women
                                          • Figure 16: Status segments – by gender, March 2020
                                        • More than half of Middle Americans are under 45 years old
                                          • Figure 17: Status segments – by generation, March 2020
                                        • Middle America is no longer synonymous with White upward mobility
                                          • Figure 18: Status segments – by race and Hispanic origin, March 2020
                                        • A quarter of Middle Americans work multiple jobs
                                          • Figure 19: Status segments – by sources of income, March 2020
                                      • Middle Americans: In Their Own Words

                                        • The ability to save is comforting
                                          • Financially “making it” means being 100% debt-free
                                            • The American Dream still hinges on ownership – but also happiness
                                            • The Consumer – What You Need to Know

                                              • Middle-class mindset versus reality
                                                • Middle American optimism
                                                  • Saving for a rainy day pays off
                                                    • Middle Americans are an apt target for financial guidance
                                                      • Middle America: Underpaid, overworked, and struggling to save
                                                      • Financial Context and Considerations

                                                        • The context of the “haves” and the “have-nots”
                                                          • Figure 20: Financial context – by Middle Americans, March 2020
                                                          • Figure 21: Robinhood App | Make Your Money Work Harder for You
                                                          • Figure 22: Financial context – by status segment, March 2020
                                                        • Middle American women are more likely to be struggling than men
                                                          • Figure 23: Financial context – by gender, March 2020
                                                        • For Black Middle Americans, the struggle is wealth building
                                                          • Figure 24: Financial context – by race and Hispanic origin, March 2020
                                                        • Budgeting is likely most difficult for Hispanic Middle Americans
                                                          • Figure 25: Financial context – by race and Hispanic origin, March 2020
                                                        • Middle Americans are actively paying off student loans
                                                          • Figure 26: Financial context – by status segment, March 2020
                                                      • Current Financial Status

                                                        • Middle Americans are most likely to consider their finances “okay”
                                                          • Figure 27: Financial wellbeing – by status segment, March 2020
                                                        • Homeownership continues to offer more financial comfort than renting
                                                          • Figure 28: Total US homeownership rate, 2000-2019
                                                          • Figure 29: Financial wellbeing – by primary residence, March 2020
                                                        • Middle class is Americans’ favored self-classification
                                                          • Figure 30: Perceptions of middle class – by status segment, March 2020
                                                        • Despite financial health Black Middle Americans are hesitant to call themselves middle class
                                                          • Figure 31: Financial wellbeing – by race and Hispanic origin, March 2020
                                                          • Figure 32: Financial comparison to others – by race and Hispanic origin, March 2020
                                                          • Figure 33: Perceptions of middle class – by race and Hispanic origin, March 2020
                                                        • Only a quarter of Gen X Middle Americans feel their finances are “healthy”
                                                          • Figure 34: Financial wellbeing – by generation, March 2020
                                                          • Figure 35: Financial comparison to others – by generation, March 2020
                                                      • Future Financial Outlook

                                                        • Upper Tier Americans have the most negative outlook on their financial future
                                                          • Figure 36: Future financial status – by status segment, March 2020
                                                        • Multicultural Middle Americans are more confident in their status improving
                                                          • Figure 37: Future financial status – by race and Hispanic origin, March 2020
                                                        • Half of Middle Americans plan to prioritize their savings in the next few months
                                                          • Figure 38: Recent and upcoming expenses, March 2020
                                                        • Women and young Middle Americans intend to increase savings more than other Middle Americans
                                                          • Figure 39: Recent and upcoming expenses – by Middle status, Female, Generation Z, March 2020
                                                        • Dining or ordering out is a top area Middle Americans will cut back spending, if needed
                                                          • Figure 40: Top areas of reduced spending, by status segment, March 2020
                                                      • Factors of Financial Success

                                                        • Saving is considered crucial to financial success
                                                          • Figure 41: Factors of financial success – by status segment, March 2020
                                                          • Figure 42: Personal savings rate, January 2000 – May 2020
                                                        • Older generations emphasize frugality, while younger generations stress a high income
                                                          • Figure 43: Factors of financial success – by generation, March 2020
                                                        • Frugality vs conspicuous consumption
                                                          • Figure 44: Factors of financial success – by race and Hispanic origin, March 2020
                                                          • Figure 45: Recent and upcoming expenses – by Middle status, Black and Generation Z, March 2020
                                                      • Financial Understanding

                                                        • Middle Americans lack financial knowledge
                                                          • Figure 46: Perceptions of financial knowledge – by status segment, March 2020
                                                        • Financial savvy and comfort does not negate an interest in more financial guidance
                                                          • Figure 47: Perceptions of financial knowledge – by generation, March 2020
                                                        • The gender gap is apparent in Middle American financial confidence
                                                          • Figure 48: Perceptions of financial knowledge – by gender, March 2020
                                                      • Mintel Trend Drivers

                                                          • What’s Happening Now: Essential workers demand more workers’ Rights
                                                            • Amazon and Instacart employees protest amid COVID-19
                                                              • Walmart institutes emergency leave
                                                                • Cable deemed as an essential service
                                                                  • Target sets new starting wage
                                                                    • What’s Happening Next: Brands expand on Wellness
                                                                      • Supporting employees’ holistic wellbeing becomes essential
                                                                        • Seeking solutions everywhere
                                                                        • Appendix – Data Sources and Abbreviations

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

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