Consumer Spending Today | Growth of Durable Goods | 2000 to 2017 Selected Years
2017 by Jane Chero in General
This is the first factoid in a series of four factoids detailing the growth of consumer spending since the recession. Although Healthcare spending still leads the way, Durable Goods, including Furniture and Home Furnishings products, have steadily increased their share of post-recession consumer dollars since 2009. This is despite the fact that last year for the first time Americans spent more money on health care than the total amount spent on living in and taking care of their homes -- $2.95 trillion versus $2.91 trillion.
After a gradual post-recession recovery, consumer spending continues to grow an average of 3.8 percent a year since 2009. According to the Bureau of Labor Statistics’ Personal Expenditures Survey, Consumer Spending by U.S. Households totaled $12.76 trillion last year – increasing 3.9 percent from 2015.
Between 2000 and 2009, consumer expenditures for Services surged as Durable Goods lost ground during the Great Recession. However, since the recession’s end in 2009, spending for Durable Goods has seen the largest increase with Nondurables declining as a percent of total consumption.
Both Durable Goods and Nondurable goods lost tremendous ground from 2000 to 2009 as spending on Services skyrocketed by 53.2 percent while consumer spending on Housing and Healthcare services steadily increased. On a positive note, in the years following the recession (2009 to 2017Q1), Durable Goods have surged growing 40.6 percent compared to 27.8 percent for Nondurables and 33.7 percent for Services.
Source: Personal Consumption Expenditures, Bureau of Labor Statistics
*Seasonally Adjusted at Annual Rates (SAAR)