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The average amount of money consumers spend on clothing
Transcript of The average amount of money consumers spend on clothing
By: Sara Harris
How much are teens spending on clothing?
Out of a group of teens surveyed this year, 47% of females said they spend their money on fashion goods. 53% of males spend their money on clothing as well.
Teen income and store preferences
Teens age 15-17 have average incomes of $4,239.
Total U.S teen spending is 258.70 billion dollars.
Total annual teen income in U.S is 91.10 billion dollars.
Average Family spending
In 2012 the average size house hold consisted of 3.13 people. This included single parent homes and married couples with children.
The average American woman will have 1 to 2 children.
It is suggested by award winning financial planner Peter Dunn, that you only spend 5% of your income on clothing.
Teen spending has risen this year overall from $995 in fall of 2013 to $1,069 in fall 2014.
Teens have more of a flexible budget because they don't have many bills. The average teen spends roughly about 104 dollars per week.
Teens girls do the most shopping for fun or a hobby, while teen boys shop for something they need or want at the time. 79% of girls shop for fun.
Most teens like to shop at brands like Forever 21, Urban Outfitters, American Eagle, Victoria secret, Hollister, TJ Maxx, and Nike.
In 2013 the average family income before taxes was $63,784. After taxes the income was $51,000.
Families last year spent $1,604 total for clothes. If you divide 1,604 by the number of people in the household 3.13 you will get the price they spent on clothes per person; The average amount they spent per person is $512.46
How much of the family pay check should go towards clothing?
To find out how much you should spend on clothes per month you need to multiply your month income by 5%. Suppose the average monthly income in 2013 was $3,000
$3,000 by 0.05= $150 dollars per month on clothes.
How does this relate to math class?
This relates to the math class because this is a form of calculating certain aspects of a budget and this informs you on how you spend your money.
Increase in shopping trips.
In the spring of 2014 the average shopping trips people took were 28.7 versus the shopping trips people took this fall which was 29.3. The total of shopping trips increased by 74%.