Consumer Spending Today | Top Consumer Spending Categories (more than 3% of total spending) | 2009 vs 2017 Q1 Annual
2017 by Jane Chero in General
This is the second 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.
With Healthcare last year finally exceeding total Housing expenditures, including furnishings and maintenance, the trend is on track to continue this year. Total combined Housing and Home Furnishings expenditures lost 1 point share of all spending since 2009, mainly through declining utility expenses and slow to recover rents early in the recovery. Home furnishings products have generally held consumer spending share with the exception appliances and televisions. Meanwhile Healthcare has increased its share 1.5 points in the same time period – up to 22.5 percent of total spending the first quarter of this year. Total consumer dollars spent on housing and furnishings trailed closely at 21.6 percent in 2017 Q1. Meanwhile Americans are eating out more, with corresponding spending on food consumed at home declining.
Rents and mortgage payments make up 73 percent of consumer spending on housing, while the biggest chunk of healthcare was paid to hospitals (7.9%) and outpatient services (7.8%). Actual medical health insurance totaled 1.3 percent of consumer spending.
Source: Personal Consumption Expenditures, Bureau of Labor Statistics *Seasonally Adjusted at Annual Rates (SAAR)