Pareto law of the expenditure of a person in convenience stores
AbstractWe study the statistical laws of the expenditure of a person in convenience stores by analyzing around 100 million receipts. The density function of expenditure exhibits a fat tail that follows a power law. Using the Lorenz curve, the Gini coefficient is estimated to be 0.70; this implies that loyal customers contribute significantly to a store’s sales. We observe the Pareto principle where both the top 25% and 2% of the customers account for 80% and 25% of the store’s sales, respectively.
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Bibliographic InfoArticle provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.
Volume (Year): 387 (2008)
Issue (Month): 15 ()
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Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/
Point of sale; Power law; Gini coefficient; Pareto principle;
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