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What are 2 things consumers spend most of their money on?
Nearly half of American consumer spending goes toward housing and transportation, with housing costs increasing 12.4% since 2021, slightly outpacing inflation.
What is the biggest expense for Americans?
Housing is by far the largest expense for Americans.
How much money is spent in the US each year?
The GDP is fueled 70% by consumer spending. Yet the top 10% earners are also responsible for 50% of consumer spending.
Is 70% of GDP consumer spending?
Americans spending accounts for about 70% of the US economy. Business investment also fueled growth in 2024, though it went into reverse in the final months of the year.
How much money do consumers spend in the US each year?
Average annual expenditures rose 5.9 percent in 2023, rising over $4,300 from 2022 spending levels, to $77,280 in 2023.
Related Searches
u.s. consumer spending by yearEvery year consumers spend millions of dollars on home 2022U.S. consumer spending by categoryu.s. consumer spending by monthu.s. consumer spending by income bracketConsumer spending by income levelConsumer spending StatisticsU.S. consumer spending data
What is the biggest expense for most US consumers?
The Bottom Line Consumer goods include durable and non-durable consumer goods. In 2022, Americans spent over one-third of their income on housing. An additional third of income was spent on food and transportation.
How much do US consumers spend annually?
Average annual expenditures rose 5.9 percent in 2023, rising over $4,300 from 2022 spending levels, to $77,280 in 2023. This follows a 9.0-percent increase in 2022 and a 9.1-percent increase in 2021, which occurred amid the impacts of the COVID-19 pandemic and decades-high inflation.
Related links
New Report Shows Housing Costs Strain Owners and Renters
Jun 20, 2024 Half of all renter households22.4 million in totalspent more than 30 percent of their income on housing and utilities at last measure in 2022
May 25, 2021 With consumers spending less on travel and entertainment, they began investing more in their homes. This benefited our Bedding, Home Furniture,
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