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Pages 9 (2259 words)
“The fastest growing segment of the U.S. population is composed of those aged 65 and older. The Bureau of the Census reported that in 1994, 1 in 8 Americans was in this age group, but projects that the ratio may be as high as 1 in 5 by 2050”.
Clearly, there are a number of authors and researchers who have embarked upon scholastic sojourns into this area of interest. This paper will take an in depth look at the consumer patterns among the entire spectrum of retirees; with an examination of the three dominant consumer groups; Black, White and Hispanic. Within each group will detail their demographics with specific consumer patterns. Further this paper will group the spending patterns within three types of spending; (1) essential, this would include, housing, food, transportation, health care, insurance etc.,(2) discretionary, would include, entertainment, leisure travel, household furnishing purchases, and (3) unpredictable needs, such as auto repair and parts, cash contributions, emergency health care ad personal care products ad services. To facilitate the analysis, the paper has focused on three types of households; single men, single women, and husband-and-wife couples. These groups have been selected in order to reduce the effect of family size on expenditure patterns. ...
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