Studies show consumers of different age groups have certain characteristics in their spending habits, but besides age, I think there are other factors that also influence people’s consumption behavior.
For young people in their teens or twenties, they are more generous in spending money than their parents and grandparents. A large portion of their money is spent on stylish clothes, fancy electronic gadgets and entertainment, as young people prefer to pursue fashion and enjoyment in life. By contrast, middle-aged consumers are more price-conscious, and their income is mainly allocated to household expenditure and children’s education. As people grow old, particularly after retirement, they may become conservative in consumption, but they spend a lot of money on healthcare products that help them stay healthy.
Apart from age, other factors also influence peoples’ shopping habits. I think the most important one among these factors is consumers’ financial conditions. Wealthy people, irrespective of the age being 16 or 60, tend to buy high quality goods, or even luxury items, with less consideration for price. In comparison, low-income groups can only shop for daily necessities and discounted goods. Another factor that is often used to classify consumers is gender. Males seem to be more decisive in spending money, whereas females are more likely to compare the prices of different brands before making the purchase. Women are believed to be frugal than men in daily consumption, but when it comes to buying purses and cosmetics, women may lavish their money.
In conclusion, multiple factors such as age, income, gender, etc. contribute to people’s buying decisions.
