5 Things People Spend Money On
People have a certain amount of spendable income in their personal budget, and they spend the majority of that expendable cash in 5 general areas.
This excludes necessities such as food, shelter, transportation, etc and focuses strictly on the areas where people are most likely to spend their hard-earned cash. There is a difference between wants and needs, sometimes a fine line even, but the emotional appeal is often found in the list of wants.
There are a lot of things that can fall into these 5 categories, but if you are creating websites or products to sell online you should give special consideration to these 5 areas where people spend money…
The booming online dating industry is proof enough of this one. People spend money on personal ads, online dating accounts, actual dating (yes, in real life! ), books to make them better at dating, relationship advice & therapy (ouch!), engagement rings, flowers and candy on Valentines day – just to name a few. The desire (and need) for love can not always be rationalized or explained, but it is a major driving force within most credit card carrying adults.
Or I should say more money. Spending money to make money is considered an investment, and more easily rationalized than other expenses in the “want” category. The emotion tied to money topics ranges from stress/debt relief to a deep desire for material wealth.
From anti-aging products to cosmetic surgery, this is an exploding industry in our generation. Looking good makes people feel good, and the angles for emotional appeal are practically endless. Niches within this market include fashion, fitness, cosmetics, cosmetic surgery, skin care, anti-aging products, fragrances, nail trends and much more.
Fear of death and illness plays a big role in the money spent within this industry. From preventative care to natural remedies, and everything in between, people want to extend their life span – and enjoy every day of it in good health. Fitness & exercise also fit into this category, of course, in addition to: medication, vitamins, nutrition, weight loss, insurance programs and resources for healthy living
This includes hobbies and personal interests in addition to the traditional ideas of entertainment, such as: movies, music, games, television, events, travel, etc. These are generally impulse purchases with high appeal to specific markets that have a slight tendency towards additions. The person who spends money on a particular type of collectible, usually spends a lot of money on those collectibles. They are more the recurring type of purchase than the one-time buy – often filling the need to have the latest & greatest item on the market: the latest release in a line of collectibles, the newest movie, the new & improved version of their favorite game, etc.
This should spark some great ideas for website topics and product ideas. Use WordTracker’s Free Keyword Tool to dig into the niches within these markets and explore the possibilities!
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