Free Report About Research On Purchasing Patterns Of Consumers
Type of paper: Report
Topic: Business, Customers, Age, Information, Food, Services, People, Homelessness
Currently, consumers are seeking solutions that will let them maximize their income dollar and spend their money on the things that they value in life. The purchasing pattern is influenced by the desire to live a happy life, and enjoy the leisure time. Due to the changing lifestyles, consumers are spending most of their finances in housing, and food. Despite consumers allocating most of their funds in food, it remains unclear if they are fully satisfied by their meals. Moreover, most funds are used to cater for housing, and pay mortgages making it difficult for consumers to live within their budgets. The National Marketing Council (NMC) has complied quantifiable data that will be analyzed to demonstrate the purchasing pattern of patrons. This report provides insight to the purchasing patterns of consumers, and it will help manufacturers to understand the emerging opportunities that will help them succeed in the market.
People of 75 years and over allocate 35.9 % of their expenditures on housing, followed by persons between 65-74 years who follows closely with 32.6%. The computable data indicates that the aged are in dire need to acquire the best shelter. Also, most of the expenditures of the aged are allocated for food consumption. This age group wants to live a healthy life; therefore, they must ensure that they take a balanced diet. 26.7% and 25.7% is used by persons of over 75 years and above and 65-75 age groups respectively. These two groups also lead in medical care because they are vulnerable to acquire diseases due to their old age. Hence, the manufacturers can target the groups by offering them good services on housing, food and medical care.
Persons under 25 years of age are also good consumers of housing services (30.7%), food (21.6) and transportation (18.8%). Actually, this age group is the leading consumers in transportation and this data can be useful to service providers. They are followed by the people within 25-34 years who allocate 15.6% of their expenditures to transport. The aged does not utilize transport services compared to other sections of the population. The NMC data also indicated that tobacco and liquor was averagely consumed by age groups in the population. Producers could target all people as the difference in the consuming behavior and pattern in tobacco and liquor was minimal. This meant that the products were accepted by all individuals.
It should be noted that, recreational and entertainment services are utilized by the young people mostly. Individuals below 25 years and those between 25-34 years allocate 4.6% and 4.5% and this is higher compared to other groups in the population. The people within 45-54 years allocate a higher percentage than others in clothing at 11.4%. They are closely followed with the group between 35-44 years with 11.3%. The population with 75 years and above allocates the smallest percentage used in clothing (6.4%). The expenditures for personal care are average within all the groups with a little difference of 0.1% between the highest to the lowest percentage. The quantifiable data can be used by manufacturers to understand the mostly consumed products, and services by different groups in the population. The analysis of the data provide insight regarding the purchasing patterns of consumers, and this is very important when analyzing the consumer trends already present in the market.
Caswell, Julie A., and Eliza M. Mojduszka. "Using informational labeling to influence the market for quality in food products." American Journal of Agricultural Economics (1996): 1248-1253.