LibGuides: Business Planning (MGMT-407): Demographics, Psychographics & Statistics

Demographics & Psychographics

Demographics vs. Psychographics: A Quick Guide

Demographics: Demographics refer to objective, statistical data about a population. This includes factors like age, gender, income, education, occupation, and marital status. Demographics provide essential details about who people are, without delving into their personal beliefs or values.

Psychographics: Psychographics explore the values, interests, lifestyles, and goals of a specific group. This information helps to understand consumer behavior and preferences beyond basic statistics. For example, while demographics tell you the average age of a population, psychographics provide insight into whether that group would be interested in spending more on luxury products based on their values or aspirations.

from Demographic vs. Psychographic Segmentation: What’s The Difference and Why It Matters

Demographics vs. Psychographics in Audience Segmentation Key takeaways: Understanding and utilizing both demographics and psychographics aid in successful marketing campaigns by generating a comprehensive image of the target consumer and their buying motives. Audience segmentation, whether through demographic or psychographic data, assists in correctly identifying and appealing to your target audiences, ultimately leading to significant budget savings for marketing campaigns.

Bureau of Labor Statistics
The U.S. Department of Labor's Bureau of Labor Statistics provides various types of data related to prices, inflation, employment, etc. for U.S. regions, states, and local areas.
Census Bureau Data
This U.S. Census Bureau site provides access to data about people, places, and the United States economy, at the city, county, and state level for the United States, Puerto Rico, and the Island Areas. Data are obtained from many different surveys and censuses.
Consumer Expenditure Surveys
Consumer Expenditure Surveys data are collected by the United States Census Bureau for the Bureau of Labor Statistics. Surveys provide "data on expenditures, income, and demographic characteristics of consumers in the United States."
County Business Patterns
This site, maintained by the U.S. Census Bureau, provides economic data organized by industry. Per the Census Bureau, the data can be used "for analyzing market potential, measuring the effectiveness of sales and advertising programs, setting sales quotas, and developing budgets."
Data USA
This site, created by Deloitte, Datawheel, and MIT professor Cesar Hidalgo, provides visualizations of public data for locations, industries, occupations, degrees, universities, and products and services.
Labor Data Overview - NYS
The premier source of labor market information in NYS including wages, projections and job figures.
MyBestSegments
This Claritas site characterizes U.S. ZIP code areas in terms of distinct lifestyle types, which it refers to as "segments."
Social Explorer
This site provides demographic information at the state, county, place, metropolitan area, or ZIP code level.
State and County QuickFacts
This U.S. Census Bureau site provides access to a variety of data regarding people, businesses, and geography, at the state and county level for the United States. Data are also available for cities and towns with a population of 5000 or more.

To find more on demographic and/or psychographic information, see the links below:

Exploring the Economic Census: Local Business Data by Geography & Industry In this short video, learn how to access key economic data to support your analysis of local business statistics and industry data by NAICS codes from the 2022 Economic Census.
How To Use Psychographics In Your Marketing
Introduction to Psychographics by Keap
Understanding Your Customers: How Demographics and Psychographics Can Help If retailers don't know what customers want, or ignore requests, clientele may choose to shop elsewhere. Instead, learn about consumers and their interests.

Psychographic

Locating Regional Psychographic Data

While demographic data reveals little about interests or aspirations, psychographics identifies lifestyle habits, values, attitudes, and other defining attributes. Read this article to learn more about it. Then, use the zip code look up tool to find more information about the area you chose to open your business.

Note: The information provided by this tool was last updated in 2017. For the most current data, please consult additional resources.

Tips: Use a search engine, such as Google, to locate the services and institutions for your region.

State and regional governments collect data about the local community and may provide statistics on their official websites.

Search the web using the name of the State and the term "Open Data"

Chambers of Commerce or local business associations may have publicly available data sets.

Search for the professional restaurant or food service association in your State.

State Universities often have research departments that collect local and state data and may have publicly available data sets.