Spending patterns refer to the habits and trends that individuals or groups exhibit when they purchase goods and services. These patterns can be influenced by various factors, including income levels, cultural background, and personal preferences. For example, some people may prioritize spending on necessities like food and housing, while others might allocate more of their budget to entertainment or luxury items. Analyzing spending patterns can help businesses and economists understand consumer behavior and make informed decisions. By studying data on how different demographics, such as age groups or income brackets, spend their money, companies can tailor their products and marketing strategies to better meet the needs of their target audience.