In this post we recap some key market research in Buffalo, NY. Drive Research is a market research firm in Buffalo which works with companies and organizations across Upstate New York to gather both primary and secondary research to answer key business questions. Our market research Buffalo services span from surveys, focus groups, phone interviews, Voice of Customer (VoC), and Customer Experience (CX). For a full list of market research services offered in Buffalo, read more here.
The statistics below are secondary research and data points for the Buffalo region of Western NY. This data comes from a proprietary in-house data system available to clients of our market research firm. When this secondary data is paired with primary market research (surveys or focus groups) it creates a comprehensive view of your customers or market.
Our team uses this Buffalo market research data for many of our feasibility studies. Feasibility studies are a type of market research designed to estimate the appeal and demand of a new product, service, location, or business proposition. The market analysis component relies heavily on secondary research. However, the study combines phone interviews and surveys to provide a complete review of the proposition for the client.
The population estimates for Buffalo in 2016 is based on 2010 U.S. Census data. In 2016 the estimated population of the Buffalo designated market area (DMA) is 1,556,448 (around 1.5 million). The population of the DMA decreased by 3.0% from 2000 to 2010, decreasing again by 0.4% from 2010 to 2016. Population is expected to remain steady from 2016 to 2021.
The population in the studied area in 2000 was 1,611,458 and in 2010 it was 1,562,818. The population in 2016 was 1,556,071 and the projection for 2021 is 1,556,448 representing a change of 0.0%. In 2016, the predominant race or ethnicity category in this study area is White. The race and ethnicity category least represented in this geography is American Indian, Alaska Native.
The male and female population in Buffalo has remained incredibly steady over the past 17 years. Bother genders hover between 48% and 52% with a 49% male and 51% female split in 2016. This is not expected to change by 2021.
The median age has increased in the DMA according to the Buffalo market research. This has increased from 37.9 in 2000 to 40.8 in 2010. Again this increased in 2016 to 41.1 and is expected to reach 41.7 by 2021. The age groups which have grown from 2010 to 2016 were 25 to 34, 55 to 74, and 85+. The 65 to 74 age group showed the highest growth rate from 2010 to 2016 at about 17%. Males aged 65 to 74 grew more than females.
In 2016, the most prominent age group in this geography is age 45 to 54 years. The age group least represented in this geography is age 0 to 4 years.
Buffalo market research unveils the average household income in 2016 to be $65,487. This was higher than the $60,575 in 2010 and $47,773 in 2000. Average household income is expected to grow to $75,236 in 2021. It is estimated that 39.9% of jobs in Buffalo are blue collar while 61.1% are white collar.
In 2016 the predominant household current year income category in this study area is $50,000 to $75,000, and the income group that is least represented in this geography is $150,000 or more.
It was estimated that Buffalo had 640,540 housing units in 2016. Nearly 9 in 10 units are occupied (87.5%). Just over 40% are owner occupied with a mortgage or loan, 26.2% are owned free and clear, 33.2% are renter occupied, and 12.5% are vacant.
The number of households in the study area in 2000 was 635,939 and changed to 642,074 in 2010, representing a change of 1.0%. The household count in 2016 was 640,540 and the household projection for 2021 is 647,816, a change of 1.1% over the next 5 years.
The data and statistics in this article highlights market research for Buffalo, NY.
When reviewing highest level of educational attainment in Buffalo in 2016, 32.8% are a high school graduate. Another 18.4% had some college classes but did not earn a degree. Nearly 12% obtained an Associate's degree. A total of 15% earned at Bachelor's degree. Finally, 11.5% obtained a Graduate degree.
The Dominant MOSAIC Group for this geography is Group Group J Autumn Years. The number of Households from this Group is 260,501, which is approximately 41% of the total households.
The Autumn Years MOSAIC group is mature couples retired in a home where they have lived most of their life. Most are over the age of 65. The majority have grown children, many with grandchildren. Because they are mostly middle or low class, many have decided to stay in their home instead of moving to retirement communities. This group makes up a total of 5.64% of U.S. households.
This MOSAIC group is not digitally savvy and very rarely access the internet or digital services. For those who do go online it is usually for banking, playing games, checking the weather, or checking lottery sites.
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