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Posted on April 1st, 2012, by

Problem Statement   

With my major being in finance and interest being in information and technology systems that can make the operations and dynamics of my profession, that is financial services, be easier, faster, accurate and more reliable, I have chosen to centre on automated customer management systems that deal with data mining and analysis so as to aid in fields of fiscal forecast and planning. Hence for proper and efficient process of decision making at management level, data analysis of consumer expenditure is crucial.

Description of the Data and Analysis

The data under analysis is that concerning various consumer expenditure patterns with respect to levels of income. It encompasses the annual expenditure habits of various persons. The relationship between the people selected for the sample for the analysis is based on the sectors of the economy in which they spend their money on, that is, the products they buy or invest in. The main aim of the analysis is to help various companies, whose scope of operations is within the context of the analysis, know when to focus and invest more aspects such as marketing and sales.

Specifically, the data used in this case is one that was adopted from United States Department of Labor’s Bureau of Labor Statistics titled Quintiles of Income before taxes: Average annual expenditures and characteristics, Consumer Expenditure Survey, 2008 (BLS, 2009). The data has been sorted from largest to smallest and filtered from the original so as to contain applicable amounts above $100 only. Analysis performed included generation of graphs and charts. However, due to the large amounts of data involved scrupulous scrutiny is required so as to read the graphs and charts.

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