Bureau of Labor Statistics, through its Consumer Expenditure Survey, provides extensive information on the buying habits and trends of American nonusers, as well as their incomes, and their demographic characteristics (Bless. Gob).The BLESS provides information for average individual consumer expenditures by the American public through its ‘current combined expenditure, share and standard error tables’; it also provides total consumer expenditures by the American population through its ‘current aggregate expenditure shares tables’ (Bless. Ova). These tables organize consumer expenditures on various categories such as food, housing, apparel and services, transportation, healthcare, entertainment, and other expenditures (Bless. Gob). The data is also available through an interactive Internet database (Bless.
Gob).The consumer expenditure data is provided in a number of different tables based on various demographic criteria such as: age; composition of consumer unit (or type of household); level of education; higher income brackets over $70,000; lower income brackets below $70,000; type of housing such as homeowner or renter, and type of area such as urban or rural; number of earners per household such as single or multiple incomes; occupation such as professionals, technical, construction, retired, etc. ; size of urban area; race; and region (Bless. Gob).As an example, in 201 2, total expenditure on personal care products was highest among men and women aged 45 to 54 at $22. 3 million dollars (Bless. Gob).
According to the BLESS, “personal care products and services include products for the hair, oral hygiene products, shaving needs, cosmetics and bath products, electric personal care appliances, other personal care products, and personal care services” (Bless. Gob). Such information may be useful to a business that is seeking to understand the personal care market in order to develop and market its products to a target group that would maximize its efforts.In addition, comparing BLESS reports from one year to another can be used to calculate percentage changes from one year to another.
This could be a useful indicator to determine if a market is growing or shrinking. Using such trends may be vital to determining if it would be a lucrative business venture to target a particular market for increased success in sales.The BLESS also provides the answers to Frequently Asked Questions that can help an individual understand what is contained in its reports, and how various things are defined, such as who a ‘reference person’ is, and what constitutes a ‘consumer unit’ (Bless. V). In addition, the U.
S. Bureau of Labor Statistics provides information on the Consumer Price Index, which describes the “changes in prices paid by urban Consumers for a representative basket of goods and Export-Gob “Export.Gob brings together resources from across the U. S. Government to assist American businesses in planning their international sales strategies [to] succeed in today’s global marketplace” (export.
Gob). Selecting a country such as India to conduct trade with, provides you with an overview of the U. S. Commercial Service and the U. S.
Department of Commerce’s network of offices abroad that can help with conducting business in the selected country (export. Gob). Most of the information provided covers general topics that would be useful to someone wanting to get an idea of how to export goods and services to foreign countries (export. Gob). The India Country Commercial Guide provides information on Indian’s economic trends, political environment, trade regulations, and leading industry sectors for U.
S export, etc. (export . Gob). Most importantly, export. Gob can provide market research on foreign countries.
In order to access this information you must be a U.S. Company or a U. S.
Student/Researcher and register for an account (export. Gob). Market research can be access via the U. S. Commercial Service Market Research Library, and can be searched for using a web interface that allows one to select from a variety of mind estuaries and sub-sectors, as well as countries, and within a particular date range that is relevant (Abyssinian. Net). An example, I conducted a search of the Consumer Goods & Home Furnishings Industry, using Cosmetics/Toiletries as a sub-sector, for all regions, and all countries.
This resulted in a plethora of results that matched my criteria.