Spending

Consumer spending accounts for almost 70% of the economic activity within a country like the United States Understanding how consumers spend and save is critical for small business owners and entrepreneurs.
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Consumer Spending

In a market economy like the United States, consumers are free to spend the money they earn or otherwise receive on goods or services. Any money they don’t spend they save.

Goods that consumers purchase which “last” for twelve months or more, like a car, are known as “durable” goods and goods that are typically “used up” in a twelve month period, like food and energy, are known as “non-durable” goods.

Americans typically spend more money buying services than goods although that trend is changing over time.

Understanding trends in consumer spending is critical to every small business, even if the customers of that business are other businesses. 

Quote

You shouldn’t focus on why you can’t do something, which is what most people do. You should focus on why perhaps you can, and be one of the exceptions.

Steve Case

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