DISTINGUISHING THE SPENDING PREFERENCES OF SENIORS

One thousand, four hundred and six seniors were asked about their cons umer spending preferences. While some could name a product spending pr eference, others could not. This study examines the characteristics th at best distinguish those elders who are uninterested in spending on c onsumer products from those who choose product specific preferences. D iscriminant function analyses show that age best distinguishes the non interested group from the others, supporting a previous report by Wal ker and Schwenk (1991). Income and health status most reliably separat e those whose most important spending priority is a recreational produ ct from those most interested in basic needs or housing products. Thos e whose spending priority is a housing item tend to be home-owners who have lived in their residences for long periods of time. The results confirm that the heterogeneity among seniors documented in other areas (such as health and social characteristics) extends to their consumpt ion preferences. The diversity in spending preferences can be understo od in terms of a desire to enhance quality of life.