Houston, the 4th largest city in the U.S., offers a diverse environment perfect for individuals from all walks of life. For this reason it is the perfect place for companies to obtain valuable consumer market research information, to assist them further with understanding how consumers respond and interact with their products, services, and their brand. Here are seven reasons why businesses should consider Houston for their next market research location.
1) Mixed city
Houston has a great mix of ethnicities for your research projects. It ranks the highest in the nation’s racial/ethnic demographics breakdown of the top 10 largest metropolitan areas in the U.S. The city largest groups consist of Hispanic, Anglo, Asians, and African American. Residents speak over 90 languages combined.
Houston has a young population: 37 percent of Houstonians are 24 years old or younger and 34 percent are between the ages of 25 and 44. Right now, millennials make up about 25 percent of the U.S. workforce and spend about $200 billion a year. By 2020, when they will become the majority of the workforce and their annual spending will have doubled.
The city has the third-largest Hispanic and third-largest Mexican population in the United States. Research also demonstrates that over 35% of Hispanic households will earn between $35,000-$75,000. According to Nielsen, by 2015, Hispanics will have $1.5 trillion in buying power, a staggering 50 percent increase from 2010.
Houston is also the right market when it comes to the healthcare industry. The Texas Medical Center (TMC) with 50 member institutions – including M.D. Anderson Cancer Center, the No. 1 cancer hospital in the country, is the largest medical complex in the world.
Home to 18 Fortune 500 companies and more than 5,000 energy related firms, Houston is considered by many as the Energy Capital of the world.
6) new business growth
Houston has a strong new business growth – As of November 2014, the U.S. Bureau of Labor Statistics reported local non-farm employment rose 4.3%, well above the national rate of 2%. Regional Commissioner Stanley W.Suchman noted that among the 12 largest metropolitan areas in the country, Houston ranked first in the rate of job growth and second in the number of jobs added.
7) Purchasing Power
Because Houston is so affordable and economically strong, the purchasing power of consumers overall in this market is amazing. The U.S. Bureau of Economic Analysis (BEA) estimates Houston’s gross domestic product (GDP) at $517.4 billion, making it the nation’s fourth largest metro economy. To put Houston’s GDP in a global perspective, if the nine-county region were a sovereign nation, it would rank as the world’s 25th largest economy, behind Nigeria ($521.8 billion) and Poland ($517.5 billion) and ahead of Norway ($512.6 billion) and Belgium ($508.1 billion)
I’m sure we can all agree that there are many more reasons why Houston is a great destination for market research and market research companies. Of course, as a market research company we are curious to know what you think.
What has been your experience with this market? (As a consumer, student, employee, employer, etc.). If you would like to learn more about us and our leading edge market research facility, just contact us.