Downtown Newark Demographic and Lifestyle Report

Consumer Insights Report

The Bureau of Labor Statistics offers valuable insights into consumer expenditures through a series of reports: 1) Household Recreation Expenditures; 2) Household Retail Goods and Services Expenditures; and 3) Household Discretionary Spending. These reports help to provide a comprehensive understanding of the lifestyles of Downtown Newarkers, including their purchasing preferences and household budget management. It is worth mentioning that ESRI, a renowned organization, has played a crucial role in compiling and deriving this consumer reports data from the Bureau of Labor Statistics, ensuring its accuracy and reliability. This collaborative effort allows us to gain valuable insights into the consumer behavior and lifestyle choices of the residents in Downtown Newark.

HOUSEHOLD BUDGET EXPENDITURES

Entertainment/Recreation Fees & Admission

Households in Downtown Newark allocate a considerable portion of their entertainment budget to live performances like theaters, operas, and concerts, spending an average of $59. Movies also remain popular, with an average expenditure of $45. While parks and museums attract households, the average spending on tickets is comparatively lower at $23, indicating a preference for more cost-effective options.

Attending sporting events is another favored activity,  with an average expenditure of $39.  Households show a willingness to invest in participant sports, with an average expenditure of $72, and recreational lessons, with an average expenditure of $89 for personal growth and skill development. Membership fees for social/recreation/health clubs are significantly higher at $175, reflecting a growing interest in comprehensive wellness facilities.Interestingly, minimal spending on dating services, with an average expenditure of $1, suggests alternative avenues or digital platforms are being utilized for social connections. Overall, these expenditure patterns highlight households’ preferences and priorities for entertainment and recreation.

HOUSEHOLD BUDGET EXPENDITURES

Home cooking versus Dining-out

Households allocate a significant portion of their budget to food-related expenses. On average, $4,499 is spent on food consumed at home, indicating a priority placed on grocery shopping and home-cooked meals. Additionally, an average of $3,138 is spent on food away from home, demonstrating a preference for dining out or ordering takeout. An average expenditure of $482 is spent on alcoholic beverages. These figures provide insights into consumer preferences for both home-cooked and restaurant meals.

HOUSEHOLD BUDGET EXPENDITURES

Home Expenses

On average, Newark households spend $16,719 on rent or mortgage payments. Additional expenses include utilities, fuel, and public services, with an average expenditure of $3,926. Households also allocate funds for household operations, housekeeping supplies, and household furnishings and equipment, with average expenditures of $1,546, $618, and $1,646, respectively. These figures highlight the importance of housing expenses in the household budget and the ongoing costs associated with maintaining a comfortable living environment

HOUSEHOLD BUDGET EXPENDITURES

Apparel and Services

Household budget expenditures on Apparel and Services encompass several areas. On average, households allocate a substantial amount of $7,141 to transportation expenses, indicating the significance of commuting and vehicle-related costs. Travel expenses receive an average allocation of $1,697, reflecting the priority placed on leisure trips and vacations.

Healthcare is another significant category, with households spending an average of $4,529 on medical services and insurance premiums, emphasizing the importance of maintaining health and well-being. Entertainment and recreation expenses account for an average of $2,371, demonstrating a desire for leisure activities and entertainment experiences.

Personal care products and services receive an average allocation of $725, reflecting a commitment to self-care and grooming. Lastly, households allocate an average of $1,416 to education, highlighting investments in tuition fees and educational materials.

These expenditure patterns illustrate the diverse aspects of Apparel and Services within household budgets, emphasizing in a classified order transportation, healthcare, entertainment, travel, education, and personal care products as key areas of spending.

HOUSEHOLD BUDGET EXPENDITURES

Financial Services

Household expenditures within the financial category reflect a range of priorities and obligations. On average, a significant amount is allocated to investments, with $16,326 spent on stocks, books, and mutual funds. Retirement planning is a major focus as evidenced by an average expenditure of $53,814 on retirement plans. Additionally, an average expenditure of $5,639 is allocated to other financial assets. Debt obligations include an average vehicle loan of $2,222 and an average credit card debt of $2,076.

HOUSEHOLD BUDGET EXPENDITURES

Insurance Services

Downtown Newarkers prioritize insurance as a crucial aspect of their financial planning and risk management. On average, they allocate $357 towards owners and renters’ insurance, indicating a focus on safeguarding their homes and belongings. Vehicle insurance, with an average expenditure of $1,522, demonstrates their commitment to protecting their automobiles. Additionally, an average of $375 is dedicated to life and other types of insurance, showcasing their emphasis on long-term financial security. Furthermore, the significant expenditure of $3,012 on health insurance highlights the priority given to maintaining health and accessing necessary medical services.

HOUSEHOLD BUDGET EXPENDITURES

Transportation Services

Downtown Newarkers allocate a significant portion of their budget towards transportation-related expenses. On average, they spend $1,880 on payments for vehicles (excluding leases), indicating a preference for vehicle ownership. Additionally, an average expenditure of $1,891 is devoted to gasoline and motor oil, suggesting a reliance on personal vehicles for daily transportation. The expenditure of $857 on vehicle maintenance and repairs underscores the importance placed on keeping their vehicles in good condition. Overall, these figures indicate that Downtown Newarkers prioritize personal transportation and allocate a substantial portion of their budget to support their vehicle-related needs.

In conclusion,

The consumer insight reports have provided valuable information on how households in Downtown Newark prefer to spend their money. It is evident priorities lie in essential categories such as securing shelter, having access to proper healthcare, and making investments in retirement plans and stocks. In terms of daily habits, there is a strong inclination toward relying on vehicles for transportation. When it comes to entertainment and recreation, there is a notable emphasis on joining social and recreational clubs, as well as taking recreational lessons. This highlights the significance of personal growth and skill development. Surprisingly, while dining outside is not a top priority, there is still a considerable interest in home-cooked meals, with a relatively minor difference between spending on food at home and dining out. We hope this concise consumer report will be beneficial for Downtown businesses and organizations in understanding the preferences of Downtown Newark residents.