American Spending Patterns Research Paper Example | Topics and Well Written Essays - 3750 words

American Spending Patterns - Research cover ExampleThese changes argon often triggered by major life events, some of these life events include get a job, getting married, having children or retirement. Our analysis of consumption matters should focus on the following groups of American the great unwashed College Kids Young Married Couples Families with three-year-old children Families with teenagers Older couples whose children have moved out Retirees We give alike judge the impact hard financial times have had on the spending patterns of Americans. The rising uncertainty and change magnitude 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 none that 26% of the nations consumer units have a reference person under the age of 35, and they forge near 23% of the annual consumer spending. In contr ast, households headed by people aged 65 or above constitute only 15 sh be of the annual spending despite making up 20% of the fundamental 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 stigmatization (McCullough). Brands are a major part of the conscious and subconscious decision making process of young college kids. This behavior is vaingloriously 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 disciples tend to attend the se days. Often, students who spend hundreds of dollars on barter foring twinge 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 surplus 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 its 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 lark of student spending is that they are generally spending more than they earn, according to a survey conducted by Allo y Media and Marketing (McCullough). A significant portion of student spending is done on food, withal 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