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American Spending Patterns - Research Paper Example

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Customer’s Last Name: Date: Introduction: Spending patterns often vary from individual to individual; however there are always some aspects of spending that are consistent. This consistency is usually found between similar groups of people, e.g…
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American Spending Patterns
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American Spending Patterns

Download file to see previous pages... These changes are often triggered by major life events, some of these life events include getting a job, getting married, having children or retirement. Our analysis of spending matters should focus on the following groups of American people College Kids Young Married Couples Families with young children Families with teenagers Older couples whose children have moved out Retirees We will also examine the impact hard financial times have had on the spending patterns of Americans. The rising uncertainty and increasing unemployment has likely has a significant impact and we shall analyze its ramifications in the concluding pages of this report to ensure that a broad and all inclusive picture is provided. Reference Person Factor: It is intriguing to note that 26% of the nation’s consumer units have a reference person under the age of 35, and they constitute around 23% of the annual consumer spending. In contrast, households headed by people aged 65 or above constitute only 15 percent of the annual spending despite making up 20% of the total households. Households that are led by individuals aged between 35 and 64 constitute 53 percent of the population and account for 63 percent of the annual consumer spending. College Kids Spending Habits: College spending is influenced significantly by branding (McCullough). Brands are a major part of the conscious and subconscious decision making process of young college kids. This behavior is largely a result of an inclination towards impressing peers and creating a lasting impact. The state of the young American mindset can be summarized by their penchant towards branded jeans, so much so that they are willing to pay $150 for a pair, college women carrying $500 Louis Vutton bags, and men wearing $300 Gucci Belts (McCullough). A large part of this behavior is influenced by the ubiquitous parties that students tend to attend these days. Often, students who spend hundreds of dollars on buying stuff for one party repeat the same for another party the very fnext weekend. The fear that people will recognize previously worn profits, leading to tirades or belittlement leads students to go out of their way to make unnecessary purchases. Shopping is also considered to be a unique form of therapy; students feeling depressed, sad, or indifferent go to shopping to make themselves feel better. This is a unique opportunity for marketers to capitalize on; it’s not that students have the need, they go shopping when they feel like. Other than increasing spending on clothes, students are also more inclined towards spending highly on fast food and latest electronics, including gadgets such as smartphones and tablets. Students, who can afford a car, are also spending their money on them. An important feature of student spending is that they are generally spending more than they earn, according to a survey conducted by Alloy Media and Marketing (McCullough). A significant portion of student spending is done on food, however the remainder is spent on cell phone service, entertainment and clothing. It is safe to say that media and celebrities are influencing student behavior substantially. The desire of becoming as acceptable and cool as celebrities leads students, who can afford to, to buy expensive designer clothes and apparel. TV programs show a lot of luxury lifestyle. There are several reality shows that depict such lifestyles and for anyone who can afford such luxuries, it becomes a necessity. Student spending on fashion and food has led to rising level of debt ...Download file to see next pagesRead More
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