- Buyers do more than simply select products for purchase on behalf of a business or corporation. They must work closely with management to ensure they understand the company’s commodities, current suppliers, pricing, market and availability. Some buyers may also partake in planning out the inventory so they know how to purchase products for the business to ensure the inventory is full at any given time. The U.S. Bureau of Labor Statistics states that planning and production responsibilities often fall on top-level and seasoned buyers.
- Retail and wholesale buyers purchase both durable and nondurable goods, according to the bureau. In addition to finding products, these buyers must follow trends, ensure the quality of products, price manufactured products and keep track of their own sales record. Wholesale and retail buyers earn $49,650 in annual income, which is $23.87 per hour. The lower 10th percentile of this type of buyer earns $29,070 yearly. The entry-level annual salary for wholesale and retail buyers ranges between $29,070 and $49,650.
- Buyers working in the farm industry purchase equipment and products for farms or farming businesses. The bureau lists farm contractors, market operators, grain buyers and grain brokers as examples of farm buyers. The bureau lists the average income for farming buyers as $54,220 per year or $26.07 hourly. The bureau’s lower 10th percentile gets $30,830 yearly, indicating that the entry-level salary for farming buyers ranges between $30,830 and $54,220 annually.
- The purchasing agent category on the bureau’s website excludes buyers working in wholesale, retail and in the farming products industry. In other words, these agents purchase equipment, services, tools and supplies for various industries. The bureau lists the average income for purchasing agents as $56,580 per year, which is $27.20 hourly. The bureau’s lower 10th percentile receives $35,060 yearly, so the entry-level salary for purchasing agents ranges between $35,060 and $56,580 annually.
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