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Money Family and Consumer notes week 1

by: Matt henslee

Money Family and Consumer notes week 1 RCSC 150B2

Marketplace > University of Arizona > Economics > RCSC 150B2 > Money Family and Consumer notes week 1
Matt henslee
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week 1 for U of A
Money, Consumers, and the Family
Prof. Serlin
Class Notes




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This 2 page Class Notes was uploaded by Matt henslee on Monday October 3, 2016. The Class Notes belongs to RCSC 150B2 at University of Arizona taught by Prof. Serlin in Fall 2016. Since its upload, it has received 8 views. For similar materials see Money, Consumers, and the Family in Economics at University of Arizona.


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Date Created: 10/03/16
Consumption Matters 8-24-16 Trends in consumer spending: -People are starting to spend money since market is recovering from 2008 -People are thriftier (Despite recovery) -35% of people use tax refund to pay mortgage payment -Consumers buy online -45% of people go to store then buy online -Mobile mindset -30% of online sales are on phone/tablet -People rely on laptops and tablets -Gift cards are more popular -$150 billion dollars in gift cards -$20 billion is never used -Stores are not going away -45% of online sales are picked up at stores Millennial Consumer: -80 million -¼ population of US -$200 billion buying power 1. Not influenced by advertising 2. Rather buy a car and lease a house 3. Review blogs before making a purchase 4. Value authenticity more than content-build trust with company 5. Future inheritance will not change buying behavior 6. Engage with brands via social networks 7. Co-create products with companies 8. Use multiple tech devices 9. Brand loyal 10. Expect brands to give back to society Appreciating asset: asset that gains value over time Depreciating asset: asset that loses value over time Can money buy happiness? -Buy experience instead of things -Help others instead of yourself -Purchase many small pleasures -Spend time with the right people -Spend time on right activities -Expand your time Young consumers & Video games 8-26-16 -2015: US consumers spent $25.3 billion on video games GB $91.5 billion -Average person spends $700 a year on video games -8-18yr old spends 13.5 hours a week on video games Video Game Statistics: -68% of american households have video games -25% are under the age of 18 -Average age is 35 yrs old -Over 56% of children play video games -4th largest entertainment industry of the world -28% of games were rated “teen” -5% of games were rated “mature” -Increases 9.5% a year Video games and obesity -Almost 18% of teens are obese -Driven by inadequate physical activity and excessive caloric intake -Video game playing parallel obesity rates Negative theory General arousal theory: children become increasingly more aggressive Social learning theory: children tend to practice aggression due to videogames rewarding aggression Health issues -Children who play violent games tend to have higher heart rate/dizziness/nausea -Less likely to compete in extracurricular activities Positive theory -Strengthen range of cognitive skills such as reasoning, memory and perception, and problem solving skills -Hand-eye coordination -Motor skills -Multi-tasking -Spatial reasoning/reduced reaction times


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