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US buying habits are fast changing as earnings of households continue to rise. The number of affluent households with yearly incomes of US$100,000 or more had grown from two million in 1967 to nearly 10 million in 1997.
Moreover, dual-income baby boomers are aging while their incomes are increasing. These consumers have significant disposable earnings, but they are cautious shoppers. They do not devote much time to shopping.
At the same time, women's work patterns have changed. Career-minded women are maturing. They no longer treat their work as "just a job".
According to statistics, the biggest income-earners are women aged 65 or older. Since 1967, their earnings, mostly from retirement and insurance benefits, have more than doubled. These senior consumers are careful shoppers looking for value-for-money items.
Also making an impact on the US retail landscape is the growing number of single female parents. Forty per cent of them have children, some of whom are adopted. There are nearly 10 million single mothers in the US and they have immense spending power - to the tune of US$174 billion a year.
Nowadays, US consumers are treated to new and exciting product lines. For manufacturers and retailers, one formula for success is to gather consumer purchasing data. Showing the way are The Limited and Victoria's Secret apparel stores, which are adopting a database marketing approach.
Discounter Wal-Mart, which attracts high customer traffic, counts on its massive distribution network and broad range of price-competitive products to attract customers.
by staff writer Lou Epstein, New York
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