Question
In: Statistics and Probability
What are 10 statistic variables that affect spending money on clothing and accessories?
What are 10 statistic variables that affect spending money on clothing and accessories?
Solutions
Expert Solution
The statistic variables that affect spending money on clothing and accessories are as follows:
Brand: Some persons want only branded products.
Price: When the price is low for the products then the demand is increased.
Budget: When there are changes in the budget as when there is more saving then can spend more on clothing and accessories and vice versa.
Sales or Discounts: The sale or discounts automatically increases the demand for the products.
Special Occasions: On special occasions, the demand for clothing and accessories increases.
Level of wages: If the person starts earning more then his shopping expenses increase and if the level of wages decreases then shopping expenses decreases.
Vacations: When person goes on vacation then the money spent on clothing and accessories increases.
Age Factor: The older people spend less on clothing and accessories while the younger generation spends more on the same.
Need for Uniqueness: As everyone wants to be up to date so the need for uniqueness will affect the demand for clothing and accessories.
Interest: Some people like to shop for there interest this will lead to increase in spending money on clothing and accessories.
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