Know ‘How The Poor, Middle Class And Rich Spend Their Money'
Vivian Lau — August 21, 2012 — Social Media
References: npr.org & fastcodesign
The ‘How The Poor, Middle Class And Rich Spend Their Money’ offers a clearer picture into the spending norms of American people across all social classes.
Giving valuable insight into how budgets are affected by different incomes, this graph is revealing in a number of ways. First it is clear that households spend similar amounts on areas like housing and clothing. However, crucial differences lie in the budgets for education, retirement funding—areas in which the upper class spend considerably less of their money on. Comparatively, the lower class spend more of their income on health care, transportation, food and utilities.
Hopefully by understanding the plight of others, people will have more interest and for political issues like universal healthcare and graduated income taxing—especially with the 2012 election fast approaching.
Giving valuable insight into how budgets are affected by different incomes, this graph is revealing in a number of ways. First it is clear that households spend similar amounts on areas like housing and clothing. However, crucial differences lie in the budgets for education, retirement funding—areas in which the upper class spend considerably less of their money on. Comparatively, the lower class spend more of their income on health care, transportation, food and utilities.
Hopefully by understanding the plight of others, people will have more interest and for political issues like universal healthcare and graduated income taxing—especially with the 2012 election fast approaching.
Trend Themes
1. Income-based Spending - Analyzing spending patterns based on income levels can provide insight into consumer behavior and preferences.
2. Social Class Budgeting - Understanding how different social classes allocate their budgets can reveal areas for targeted marketing and product development.
3. Political Impact on Spending - Political and social issues can have a significant impact on consumer spending, highlighting the need for businesses to stay informed and adaptable.
Industry Implications
1. Finance - Financial institutions can use income-based spending data to identify customer needs and develop customized services and products.
2. Retail - Retailers can use social class budgeting insights to tailor products, promotions, and store layouts to different consumer segments.
3. Healthcare - Healthcare providers and insurers can leverage spending data to better understand the needs and priorities of different income groups and develop targeted solutions.
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