Hi,
How would you calculate how many men's suits were sold in the United States last year?
Thanks
Looking at this question, i would break it down in the following way.
How Many Suits in the US / Replacement Period of a Suit (3 or 5years)
For How many suits in the US
# Men who wear suits x # suits per man
US Male Pop x % of people who own suits Segment into 3, normal individual who 300m x 50% (male) x 20% men (lots of labour) would have 1 suit, worker with 3-4 suits and businessmen who may have around 6 (1 for everyday)
That would be my general structure to the problem.
Hope this helps.
Hi,
A good starting point could be: segment by age * average price per suit * suits per year * correction factor for those people who never buy a suit
(edited)
Hi Jorrit, what about segmenting by social classes? Let's say upper class, middle class, working class and lower class. Do you think this would be reasonable?
Clarification questions:
- Does it only include adult men's suits?
Approach 1:
# of suits sold = # of men purchased suits * average # of suits purchsed per year per man
segment by ages:
20-40: 25% of the population, 3 suits per year;
40-60: 25% of the population, 2 suit per year;
60-80: 25% of the population, 1 suit per year
further segment could be done within each age bucket, such as income buckets, occupancies, etc.
