Consumer Spending: Durable Goods Losing Ground to Consumer Services Percent of Durable Goods, Non Durable Goods, and Services: 2000 to 2015 Q1 (Annual)
This is the first in a series of five Factoids detailing Consumer Spending. Consumers are spending an increasing amount of money on Consumer Services and “Lifestyle Expenditures” – leaving fewer dollars for Furniture and other durable and non-durable goods.
Consumer demand for Services (mostly housing expenses and utilities as well as healthcare) have increased their share of personal consumption expenditures over the last 15 years as Furniture (falling under the Durable Goods category) has decreased.
This Factoid shows the shifting of Goods and Services from 2000 to 2015 Q1. Services added 3.7 percent to its share of personal consumption, while Durable Goods, including home furnishings, motor vehicles, appliances, televisions etc., fell 2.5 percentage points. Non-durable goods, like food and clothing, as a group also lost 1.7 percentage points.
Source: U.S. Department of Commerce, Bureau of Economic Analysis, “Personal Consumption Expenditures”