New Canaanites among biggest spenders in the nation, says new report
Published 1:05 am, Thursday, April 1, 2010
Connecticut residents led the nation in spending last year, according to the 2010 Bundle Report from Bundle.com.
New Canaanites spent more than any other town in the state, according to the report. Darien, Westport and Greenwich filled out the top four, according to Managing Editor Janet Paskin.
Launched in January, the free searchable database is as a public spending comparison portal backed by Citi, Microsoft and Morningstar.
The average New Canaanite spent $145,883 total -- not including mortgages or rents -- in 2009, the report said. At the opposite end of the 2009 spending spectrum, the average West Virginian spent $25,517 -- a little more than what the average New Canaan resident spent in two months, according to the report.
Towns with highly concentrated wealth, such as New Canaan, scored higher in spending throughout the report, Paskin said.
The report also features a list of the biggest-spending cities by population. In terms of spending, New Canaan "obviously blows away the top 100 biggest cities featured in our major city rankings," according to Director of Content Mark Armstrong.
Generally, municipalities with greater wealth exhibited greater spending, Paskin said.
"Although, we also saw in places where the cost of housing was higher, sometimes spending was lower," Paskin said. "They have less money for food and clothes ... . The correlations aren't necessarily simple."
New Canaanites spent an average of $25,486 on dining out, more than the average West Virginian spent total ($24,517) in the entire year, the report said.
The Roger Sherman Inn and Gates Restaurant and Bar were among the top eateries to benefit from New Canaanites' wallets last year, the report said.
"Our data comes from a mix of credit card transactions and government data, so it doesn't account for cash ... . That is a gap," Paskin said.
She added, "I think people are really primarily using credit cards for shopping."
"There are certain things you just have to buy," Paskin said of the appearance of Wal-Mart on the list. "You need detergent, you need a waste basket ... Wal-Mart is ubiquitous for that."
When a $125,000 and greater income filter is applied to the New Canaan data table, Wal-Mart drops on the top merchant list.
To learn more about the report or explore regional spending trends, visit: www.bundle.com.