Magazine article Information Today

New Consumer-Facts Database Sets Standard for United States Spending Forecasting

Magazine article Information Today

New Consumer-Facts Database Sets Standard for United States Spending Forecasting

Article excerpt

Equifax National Decision Systems has announced its new database which contains information on how American consumers spend their money.

Called Consumer-Facts, the database offers detailed information about spending patterns for more than 400 products and services in more than 15 major categories, with regional spending differences incorporated. In addition to current year estimates, it provides five-year projections that reflect the impact that dynamic economic and demographic conditions, such as income, employment, population, and household changes, have on consumer spending.

"We know that the way consumers spend changes over time in relation to economic conditions," said Dr. Linda Jacobsen, assistant vice president, data resources, and chief demographer of the San Diego-based Equifax National Decision Systems. "Consumer-Facts is the only database in the market that accounts for these changes."

Consumer-Facts was created jointly by Equifax National Decision Systems and The WEFA Group (Wharton Econometric Forecasting Associates), a leader in economic forecasting. In building the database, information from the Bureau of Labor Statistics, the Bureau of Economic Analysis, and the Census Bureau was combined with The WEFA Group's economic forecasting expertise and Equifax National Decision Systems' demographic estimates and forecasts. …

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