Where Does the Money Go?
Image source: Unsplash
About the Project
Whether you’re picking up coffee, paying for cellphone service, or buying a car, that’s consumer spending. Spending by consumers (or on their behalf, like an insurance company paying part of your hospital bill) is a big force in the nation’s economic growth. Consumer spending is a key component of gross domestic product. Spending data for the nation and each state help businesses predict consumer behavior and make decisions about hiring and investing.
COVID-19 pandemic, which started in 2019, has been a great challenge for global public health. Moreover, it has significantly impacted the general society in many aspects, especially in global economics and personal expenses. As data scientists, we are trying to identify and understand the trends, and provide reference on personal spending for individuals through this project.
We utilized consumption expenditure/personal income and savings data retrieved from U.S. Bureau of Economic Analysis, and Covid 19 data in the US from Centers for Disease Control and Prevention. We built interactive dashboards and visualizations for exploratory data analysis, and a regression model showing the changes in personal consumption expenditure pattern.
Website Overview
In the Exploratory Data Analysis section, you will find:
• Visualizations and analysis of Covid-19 data;
• Visualizations and analysis of consumer behaviors data based on consumption categories.
In the Regression Analysis section, you will find:
• Regression model investigating associations between personal income and personal consumption expenditure;
• Analysis of the difference between PCE in 2019, 2020 and our future prediction.
The Regional Data tab will lead you to a dashboard that includes interactive maps and bar charts of PCE by state in chosen years, types of products and methods of calculating.