The Condiment Marketing Co. works closely with Food & Drink Resources here in Denver as a marketing partner. We recently collaborated to create this Colorado market research infographic to illustrate Colorado’s demographics and how the population is ideal for market research, something FDR does at its Denver Innovation Center.
Colorado demographics are ideal for food and drink consumer research
A Young Population
In 2015, Denver ranked 3rd in attracting Millennials from elsewhere. Millennials will move for work or for love, but good restaurants are a must.
Colorado millennials make up 28.7% where Baby Boomers represent 24.9%.
Growing And Changing
Colorado has close to 5. 5 million residents and is the second fastest growing state. Colorado saw an increase of 100,000 new residents between July 2014 and July 2015.
In 2014, former Californians filed the most Colorado State tax returns, followed by people from Texas, Florida, Illinois, and Arizona. The influx of new residents is creating a diverse population.
All in a days work
2,800,700 Coloradans participate in the labor force. The state has the 12th highest median household income in the country: $61,303.
Colorado food service industry will employ approximately 268,400 workers in 2016.
Colorado jobs by sector in 2014
- Agriculture: 4%
- Construction: 15%
- Manufacturing: 11%
- Retail: 23%
- Management: 3%
- Health: 23%
- Food: 17%
- Education: 5%
- Colorado: $8.31 / hour
- National: $7.25 / hour
Unemployment rate as of May 2016
- Colorado: 3.4%
- National: 4.7%
Go hit the books
In Colorado, 38.3% of adults have at least a bachelor’s degree giving the state the second highest collegiate attainment rate nationwide. The state has over 125 colleges including the notable Colorado School of Mines and U.S. Air Force Academy.
Education level of adults age 25-64 in Colorado as of 2012
- High school diploma: 90%
- Associates degree: 47%
- Bachelors degree: 38%
- Masters degree: 13%
Eat Out Culture
With annual restaurant sales exceeding $11.6 billion, it’s no wonder many chain restaurants (20+) are based or got their start in Colorado. These are just a few…
- Garbanzo Mediterranean Grill
- Red Robin
- Tokyo Joe’s
- Boston Market
Colorado Market Research [Infographic] by the team at Food & Drink Resources