Market Research in the United States
The United States is the world’s largest economy, constituting around a quarter of Global GDP.
Efficient and dynamic, the US market presents significant opportunities for companies. Changes in the US economy have significant impact around the world. These effects are due to the interconnectedness of markets and the sheer size of the American economy. The US consistently ranks among the top 5 of the world’s most competitive economies in which to run a business. The global economy is essential for the US as well. Multinational corporations account for much of the financial flows and cross-border trade. These corporations also create much employment, output, and stock market capitalization.
Major Cities and Economic Centers
These are the US cities to keep an eye on in the coming years:
- New York City: NYC is a global center of finance, fashion, media, and technology. The city also scores high in political engagement, business activity and human capital.
- San Francisco: The world’s technology capital, San Francisco, tops the list owing to its strength in innovation. Situated north of the tech hub in Silicon Valley, the city is best positioned to attract and keep people. Apart from skilled workers, it will also attract global capital and ideas in the coming years.
- Boston: This old city is a longstanding hub of biotech. It is home to some of the world’s best universities, including MIT and Harvard.
- Some major economic hotspots by region include:
- Southeast: Atlanta, Miami, Fort Lauderdale, West Palm Beach, Tampa, Sarasota and Charlotte
- Southwest: Dallas, San Antonio, Houston and Austin
- Mid West: Chicago, Cincinnati, Columbus and Milwaukee
- Mid Atlantic: Washington DC, Baltimore and Philadelphia
- West: Los Angeles, Denver, Colorado Springs, Seattle, Phoenix, Las Vegas and Portland
- Consumer Goods: The United States is the largest consumer market in the world.
- Real Estate, Renting, and Leasing: This sector contributes to the economy in two ways. The first is via consumer spending on rent and utilities. The other is through residential investment. This encompasses the construction of new housing units, residential remodeling, and broker fees.
- Professional and Business Services: This includes computer design and the legal field. It also includes other professional, technical, and scientific services.
- Healthcare: The Healthcare sector helped the United States to recover from the financial crisis in 2008. One of the things fueling the growth of this sector is the increasing and aging population in the US. Other factors include the increase in chronic conditions, medical advances, and improvements. Federal health care reform has also fueled the growth of the sector. The changes have increased the number of people seeking routine care.
- Construction: Market analysts expect this sector to show a steady increase in jobs over the next ten years. Many jobs gains are in Facility Management and General Management.
- Mining Support Services: This category showed phenomenal growth over the last year or so. “Mining” can include anything from prospecting to drilling. Market analysts believe that its growth arises from high demand and inadequate supply.
- Technology: major technology hubs and American tech corporations have emerged in Silicon Valley in the San Francisco Bay Area, as well as in Silicon Alley in New York City.
- Media: the US has major movie production, filming, theater, TV and digital media centers located in Los Angeles and New York.
- Energy: The US is becoming a net exporter of energy, and currently consumes the most energy in the world.
The US is the world’s leading military and economic power. US movies, music, and television are ubiquitous. The media industry has a global audience, and the cultural stamp of the country spans the world. The US is home to diverse races and cultures, a fact reflected in its art, literature, and music.
Advantages of Investing in the United States
- Rule of Law. The United States government protects individual property rights. It enforces contracts in a fair manner. It creates and enforces fair labor laws, and promotes access to opportunity for all.
- Large Market. A large market gives businesses the potential to amass a vast customer base. Companies that reach out to more total customers make more sales.
- English Speaking Population. English is the lingua Franca of global business. Good English is a critical tool. It can help business owners tap into new opportunities at home and abroad.
- Education. The majority of the US population attends and graduates from schools. This enables the US to see faster economic growth.
The United States of America, or USA for short, is a federal republic of 50 states. The feature that stands out is how diverse the USA can be. Its physical setting ranges from the arid desert to the rainforest. There are flat prairies and rugged mountain peaks. The climate goes from the balmy subtropics to the frigid Arctic. Its people are likewise diverse. No other country has a broader range of ethnic, racial, and cultural types than the United States.
Why the US is Important
Americans make up less than five percent of the world’s population. Yet they earn more than 20 percent of the world’s income. The US has the world’s largest economy and is a leading global trader. A growth surge in the US economy can give a big boost to global activity. Uncertainty about the direction of US policies can have the opposite effect.
Major US Cities
New York: New York City comprises five boroughs at the mouth of the Hudson River. The borough of Manhattan is at its core. Manhattan is one of the world’s financial, commercial, and cultural centers.
Washington, DC: Washington is the capital of the United States. This 68-square-mile federal district is the seat of the US government. It’s home to important government buildings, including the US Capitol and the White House.
Los Angeles: Also known as LA, Los Angeles is a sprawling southern California city. It’s also the center of the nation’s film and television industry. The city is home to unique hotels, renowned museums, and 75 miles of sunny coastline.
Key Industry Trends
Finance: The US’s financial industry employs nine million people. It accounts for eight percent of the GDP. US-based financial firms export their trade throughout the world. But they also have a strong presence at home, especially in finance meccas like Wall Street.
Entertainment: The US Media and Entertainment industry is the largest in the world. It comprises one-third of the global industry, with segments such as TV and movies. It includes music and audio recordings, streaming content, radio, and broadcast. Other segments are video games, book publishing, and related products and services.
Home Building: Many people are opting to invest in real estate. This type of investment covers the remodeling of houses. It also includes the building of new housing units and broker fees.
Professional and Business Services: These services include the legal field and computer design. It also includes technical and other services.
The Healthcare Sector. This sector helped the US recover from the 2008 global crisis. The US population is increasing and aging, which has fueled the growth of Healthcare. The industry is also growing due to the increase in chronic conditions. Another factor driving its growth is recent medical advances.
Agriculture. Advances in this sector have enabled a small labor force to produce more than ever. The most important crops are wheat, corn, soybeans, potatoes, grapes, and cotton.
Energy: The United States is one of the world’s leading energy producers. It produces refined oil and has a large pool of natural gas reserves. The US is also among the world’s coal producers.
It’s critical to know your consumer base from the outset. That is the main reason for using market research services. The US is the largest consumer market in the world. The recent pandemic has changed consumer behavior. First, there was the flight online. This movement forced entire consumer segments to shop differently. Then there was the shattering of brand loyalties. Consumers had to adopt new behaviors in response to changing priorities. They also had to deal with store closings and other pressures.
The new trend is that consumer shopping intent in the US has become focused on the essentials. Consumer spending is now restrained, even among those with higher incomes. Still, the US consumer base remains diverse. It remains the country with the most billionaires. High-income earners can spend vast amounts on luxury goods, while most of the market looks for value.
About Market Research in the USA
Market research companies gather data about a specific target audience. It includes the classic methods of gathering info, such as Surveys. There are also newer methods of data analytics. These methods have emerged as society embraces the digital lifestyle.
Market research services help you get clients for your business. Once you’ve set up and the customers start coming, you can use Competitive Analysis. That’s how your business will stand out. When combined, they provide a competitive advantage for your enterprise.
It’s essential to understand the specific market that will impact your profits. Companies use marketing research services to inform the building of new products. They also use it for the drawing up of strategic growth plans and the creation of ad campaigns. Your company may need Qualitative and Quantitative research services. Focus Groups, UX Market Research, and Competitive Analysis may also benefit you. What’s essential is forming your Go-to-Market Strategy. Do it once you gather insights into your client base from your Market Research efforts.