When you’re selling things, it’s important to understand spending habits to accommodate locations, seasons, and trends. However, the level of understanding is what usually differentiates one trader from another. Retailers and bankers are usually the most sophisticated groups of analysts I come across, especially bankers. Finding the resources to discover these habits is an endless game, and often when a great resource is discovered, it’s “not shared.” Things have changed thanks to Bundle™.
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With a team of seasoned statisticians and data junkies, Bundle has compiled, labeled, and sorted data from a (still expanding) collection of sources. Your data comes from the US government, Citi aggregated and anonymous expense transactions, and third-party data providers. Bundle updates its data quarterly so people can see the effects of seasonality on spending.
Bundle has published several compelling reports on how America is spending money, by category, city, and demographic. Also, he can compare data between 2 locations, instantly. Champion finds this helpful when he discusses Arizona’s economic comforts with people outside of Arizona. It can sometimes be hard to explain the complicated nature of Phoenix, for example, being surrounded by a myriad of other cities, but still mostly symbiotic in every way. Our unique municipal circumstance is a difficult story to explain to people who have never been involved in real estate in an environment like the Phoenix metropolitan area.
What initially struck me with Bundle was that apparently Austin Texas spends more on dining out than on groceries. Almost twice the American average! I got hooked. Then I discovered something that really caught my attention. Scottsdale, by average household, not including mortgage or rent, is the No. 2 highest-spending city in the entire United States. Per household, Scottsdale apparently spends $64,687 a year! Tucson is also ranked #8 with an annual spend of $51,857! The lowest city is Detroit at just a fraction of Scottsdale, spending just $16,446. If Manhattan stood alone, Scottsdale still spends more!
I see a lot of fancy cars, a lot of fancy houses, a lot of fancy clothes, and restaurants in Scottsdale. I never expected Scottsdale to continue to outperform every American city other than Austin. I certainly never expected Austin to be as “weird” as this one either. Los Angeles, New York City, Las Vegas and San Francisco individually spent less per household in 2009 than Scottsdale.
So naturally, Scottsdale is a great retail opportunity. We know this. It’s a no brainer if you just grab a cup of coffee at Starbucks on Shea. But how can you turn this into a plan to supercharge your retail strategy?
We’d love to hear about your experience with the Bundle’s datasets, infographics, charts, and graphs. I feel that at the very least, Bundle can help you plan nationally for which cities may have the opportunity most aligned with your business needs. I think the national franchises would love it!
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