US Men: Psychographic Profile
2.7 million American men earn less than $150,000. An increasing number of men and women of this age are opting for online retail. Annual spending on apparels, accessories, and personal care accounted for less than 5% in 2018. The demographic spends significant time on leisure and sports activities, including watching television, socializing and playing sports. While the segment is increasingly environmentally conscious, these values do not affect the purchase decisions.
- According to the U.S. Census Bureau, there were a total of 21.6 million male householders in 2018. Of these, 20 million earned less than $150,000. 2.7 million of the 20 million male householders (that make less than $150,000) are aged 45-54 years.
- Of the 2.7 million, 2 million are White, 538,000 are Black, 334,000 are Hispanic, and 92,000 are Asian.
- The median household income of a male householder between age 45-54 years is $55,623. The median income varies by race with the income of an Asian householder at $70,249, White householder at $60,203, Hispanic at $46,861, and Black at $38,705.
- Between 2016-18, Americans in $0-35,000 income bracket spent 18% of their wallet on online retail, compared to 22% by those in $35,001-80,000 bracket and 27% by those with income over $80,000. The first group is the fastest-growing segment at 14%, followed by the second at 11% and finally, the third segment at 7%. Baby boomers spent 20% of their wallet on online retail (with a CAGR of 11%), Gen X spent 24% (with a CAGR of 10%), and Millennials spent 28% (with a CAGR of 9%).
- According to the U.S. Bureau of Labor Statistics, Americans aged 45-54, on average, annually spend $23,358 on housing (31%), $9,400 on food (13%), $11,639 on transportation (16%), $5,011 on health (7%), $4,008 on entertainment (5%), $2316 on apparels and services (3%), and $939 on personal care (1%) among other things. The spending on apparels and services has decreased over the last two decades across age brackets due to price deflation.
- According to GoBankingRates Survey, Americans aged 45-54 spend, on average, $5,999 annually on non-essential items and, in particular, $828.7 on new clothing and accessories. Men spend $729.2 on new clothing and accessories.
HOBBIES AND HABITS
- According to the U.S. Bureau of Labor Statistics, men aged 45-54 years old spend 9.1 hours on personal care activities, 5.7 hours on work-related activities, 4.9 on leisure & sports, 1.3 on eating & drinking and 1.3 hours on household activities. Personal care activities include sleeping, grooming, health-related self-care, and personal or private activities
- Men & women aged 45-54 years, on average, spend 4.5 hours every day on leisure and sports activities. Of this, 0.3 hours are spent on sports, exercise and recreation; 0.6 hours on socializing and communicating; 2.6 hours on watching TV; 0.2 hours on reading; 0.2 hours on playing games and using a computer for leisure among other activities.
- The time spent on leisure and sports activities is higher on the weekends. While men of all ages spend 5.1 hours on weekdays, this goes up to 7.9 hours on weekends. Similarly, Americans in the age bracket 45-54 spend 3.8 hours on leisure and sports activities on weekdays and 6.2 hours during weekends.
- While there is an increased debate on product sourcing, the prevalence of child labor in the production process, and sustainability, it appears that such values do not impact yet impact decision-making. American consumers across age groups and income care about price (great deals), convenience (availability of products, the convenience of shopping, ease of finding product at the store or on the website, easy check-out process) and product (wide variety of products/styles for the category, high quality/trustworthy products and brands) over alignment with core values and personalized experience.
- While price and convenience remain critical parameters influencing purchase, Gen X reported caring more about the environment now than they did in their 20s.
To create a psychographic profile of U.S. men aged 45-54 with an annual household income of less than $150,000, we scoured through U.S. government data on demographics (population and income), time spent on different activities, and consumer expenditure. Links to all spreadsheets used to source data are cited within the text. In addition to this, we also looked at reports and news articles that provide data on spending habits and values for the specific population category. Where information for the specified demographic was not available, we have provided data for the closest substitute.