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Selling to a Consumer's Lifestyle

NEW YORK CITY-Industry Analyst Marshal Cohen gives insight to increasing consumer needs during the CSFB conference Monday.

By Dana Dubriwny | Updated on June 14, 2005

NEW YORK CITY-Marshal Cohen, chief industry analyst with Port Washington, NY-based NPD Group, gave insight into the modern consumer during Monday’s Credit Suisse First Boston Retail, Apparel and Restaurant Conference. In his speech, Cohen spelled out the desires of today’s customer, while offering opportunities to meet those rising needs.

Today, consumers are being targeted to become committed consumers, or consumers who sign on to long-term buying on items such as cable television, satellite television, internet access, cell phones and gyms. Cohen, a research analyst, said that according to US government statistics, the average income is $45,000, or $41,000 after taxes. According to his configurations, once basic needs are met the consumer is left with $4,000 a year or $333 a month, of which two-thirds is already spent before walking out the door.

“This is the future, to get consumers to spend the money before they walk out the door,” an enthusiastic Cohen said. “This is where the future is going to be: To pre-spend on products.”

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