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• based on the spending patterns of an"average"household and the local trade area is not <br /> "average"; and/or <br /> • • _ estimates themselves,making the answers estimates of estimates. <br /> Retail sales information takes careful analysis and interpretation.The team should examine these <br /> results in light of what is known about the retail mix,competition,and customer preferences. <br /> However,the results,when taken in the context of other knowledge about the downtown area, <br /> can identify and/or confirm market opportunities. <br /> Whatever the result,the team needs to investigate and identify causes of surplus or leakage.A <br /> place to start is to review the results of the surveys to identify shopping patterns, or discuss the <br /> numbers with local retailers. <br /> Below are sources of information about consumer buying patterns: <br /> • The Consumer Expenditure Survey, compiled by the U.S. Department of Labor and <br /> available from the U.S.Government,documents consumer expenditures on a wide variety <br /> of goods,from fresh fruits to vehicle insurance.(See Sources for information and notes on <br /> use). <br /> • Trade Associations for various business types often have information on consumer buying <br /> trends.Check with a local business owner,state Small Business Development Center or <br /> university business school library. <br /> • To Do: <br /> Calculate the sales potential for all the categories of goods for which the business development <br /> team can find reliable data.Compare the results to conclusions drawn from other data analysis. <br /> Summarize the retail sales opportunities on the form provided, in this section. <br /> 110 <br /> 34-STEP BY STEP MARKET ANALYSIS <br />