Finance expert Mike Periu on how shifting consumer spending patterns can help inform your marketing strategy.
As consumers get older, how they spend their money changes significantly. Economic forecasting firm HS Dent performed an extensive analysis of consumer expenditures across 35 categories of products and services and then graphed the changes by age. Small-business owners should consider the age of their existing customers to determine if there is a good fit between what you sell and to whom you are selling. Some of the data is pretty interesting. Off the rack magazine purchases start plummeting after age 50, while magazine subscriptions rise steadily from age 20 through 65. Male expenditures on underwear peaks right before age 50 and then falls sharply, while spending on robes spikes later in life.
Learn more at The Atlantic.
About Mike Periu
Mike is a seasoned executive with experience in small business finance and management. He is the founder of Proximo, LLC a leading provider of corporate, consumer and small business education and training services with an emphasis on finance and technology.
Mike Periu is also a leading national voice for individual empowerment through financial education and entrepreneurship. He has been interviewed over 500 times in national and international media, including NBC, Univision, CNN en español, Telemundo, HITN, TVE, RTE, SBS, MegaTV and others.
Mike writes regularly for American Express OpenForum, Yahoo! Finanzas and is a Huffington Post contributor.
Mike has degrees in Finance and International Business from Georgetown University. He is on the Board of Directors of the Council for Economic Education and was a Fellow at the Kauffman Foundation’s Labs for Enterprise Creation.
