As reported by Stagnito Business Information’s New Products Report:
“Consumer spending is in line with pre-recession trends and consumer optimism is higher than it’s been in years, according to Mintel’s annual comparative audit report American Lifestyles 2014. That’s a sunny outlook from consumers, one that certainly will benefit CPGs and retailers this year and into the future. According to Mintel, in 2013 personal consumption expenditures on consumer goods reached an estimated $10 trillion for the first time. And the outlook for 2014 continues to be positive with spending expected to increase by 3.6 percent -more than three times the projected rate of inflation for the year, according to Mintel.”
“Mintel’s report addresses total personal consumption across a range of categories, as the strongest categories in the past year are the same ones poised for the greatest growth in the next five years: non-essentials such as leisure and entertainment, vacations and tourism, technology and communications, and alcohol on premises. Certainly this optimism and self-and spend-centered behavior will positively affect the retail market across market segments, demographics and retail venues. Mintel forecasts that total U.S. consumer expenditures will grow by 20 percent from 2013-2018, compared with the lesser 15 percent from 2008-2013 and even a slight decline (1.5 percent) in 2008-2009.”
Click the image for to learn more about how Americans spend about $10 trillion annually.
