Saturday, February 20, 2010

Who Spends Where knows and Nypo explains why:
A new Web site lets people peek into their neighbors' bank statements without rummaging through the trash.

Mining troves of data provided by Citibank and the federal government, maps out just how much people in a particular city or demographic group spend each month -- and where.

Manhattanites, for instance, spent an average of $1,142 on food and drink and $1,221 shopping last October.

The most popular restaurants included the Gramercy Tavern and Shun Lee, and the retail hot spots were Bloomingdale's and Saks Fifth Avenue.

Backed by Citi, Microsoft, and Morningstar, aims to "democratize data that until now has only been available to banks, corporations, and the government," CEO Jaidev Shergill told The Post.

The hope is that by letting users compare notes with their neighbors, people will be able to create better budgets and find new ways to save, he said.

The data confirms obvious stereotypes about Manhattanites, most notably how much money is spent dining out: $853 a month on average compared to say, $408 for residents of Peoria, Ill.

The differences between Manhattan and the outer boroughs also are confirmed by where residents choose to shop.

Bergdorf Goodman is a top retailer for Manhattanites, whereas Target is in the top three of each of the other four boroughs.

New Yorkers do seem united when it comes to drinking coffee, as Starbucks is a top restaurant in all five boroughs.

1 comment:

  1. What ever happenedto setting a personal/family budget and a sense of responsibility? Now it takes a web site and peer pressure for people to save responsibly?

    fools and their money...