If you want to get a clue about consumer spending, follow a 49-year-old with a 19-year-old living at home and see how they spend.
That's the advice Mark Zandi, chief economist of Moody's Economy.com, gave the 460 people at this morning's Greater Philadelphia Chamber of Commerce's economic outlook breakfast.
Why?
Because those two ages account for the largest population groups in the United States. Zandi, who is 48, said he's not quite in that demographic sweet spot, but he invited the crowd to watch him spend.
Another panelist wasn't buying the entertainment value of watching Zandi decide how to part with his monetary gains. "I can't think of anything more exciting than following a 48-year-old economist around to see what he does," said Walt D'Alessio, with tongue firmly in cheek. "Mark, I don't think the line is going to be very long."
But the chairman of Brandywine Realty Trust wasn't done. After hearing Urban Outfitters founder Dick Hayne talk about the spending resilience of his stores' female customers, D'Alessio said: "I think I want to follow one of Dick's upscale women around."
