Monday, October 17

Infographic Love: How Much do you Spend on Clothes?

I wanted to go easy on you, since it's Monday and all, so think just about this:

How much (on average) do you spend each month on clothing?

According to a recent Mint infographic, Mint Users spend on average 15-23% of their discretionary income (whats left over after your needs are met) on clothes.

(click to see full image)

This surprised me, but at the same time it didn't. Working for a retailer I see first hand just how much people are spending on clothing but it just doesn't seem to jive with the headlines you read in the paper or hear on the news day in and day out. People are still losing jobs, the economy is at a standstill, and yet we continue to shop, myself included.

At the same time I'm surprised to find that my monthly spending on clothing, on average about 10%, is way below the norm. So take that SSF! My spending is below average!

Now of course, as with anything, there are flaws with this data. For one, it only captures Mint users information and we don't really know what the average Mint user is like. We don't know their income, their age, or the sample size, or even how often they update their Mint account to reflect accurate data.

I probably wouldn't use this as the end all be all, but it could be a great tool for comparison. How do you stack up to the average in your (closest) city? Are you overspending on clothes? Is their opportunity to cut back?

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