Due to a strong economy, this year has seen an uptick in consumer spending. So how good a shopping year has it been? Let’s look at 2017 American personal consumption spending.
Good Times: 2017 American Personal Consumption Spending
Before noting total-year spending, consider these posts:
- Small Business Saturday 2017. Support Local Businesses.
- Happy Thanksgiving. Black Friday Shopping Next?
- Smart Holiday Shopping 2017.
- Singles’ Day 2017 Will Set New Records.
- Halloween Spending Is Big Business.
- What Will You Buy for Mom This Year?
Now, on to some interesting 2017 U.S. spending data.
“American consumers have spent $130.6 trillion so far in 2017. That is a 2.7% increase over 2016. And personal spending by U.S. consumers accounts for two-thirds of all spending in the United States. Thus, it is the primary driver of economic growth. Spending on luxury goods such as yachts and private planes has risen. So has spending on necessary expenses such as housing, food, and health care. Additionally, due to better technology more Americans are able to afford televisions, internet access, and other consumer electronics. Changes in technology have also led some Americans to abandon certain outdated products and services altogether.”
“To determine what Americans spent in 2017, we analyzed real personal consumption expenditures from January to November 2017 from the Bureau of Economic Analysis [BEA]. We chose 50 consumer categories that best represent what Americans spent in 2017. Money continues to circulate over the course of the year once it is spent. Thus, while personal consumption is a good reflection of how Americans spend their money, it far outweighs the total value of goods and services in the economy.”
Click the 24/7 Wall St. logo to read its fully story. Then, check out the top five spending categories below the logo.
Top Five Categories: 2017 American Personal Consumption Spending
Here are 24/7 Wall St.’s top five spending categories based on BEA data.
- Occupied housing payments. 2017 spending: $19.39 trillion. Share of total expenditure: 14.85%. 1-year change: +1.24%. 10-year change: +14.01%.
- Groceries. 2017 spending: $7.89 trillion. Share of total expenditure: 6.04%. 1-year change: +2.49%. 10-year change: +5.14%.
- Physician and dental visits. 2017 spending: $6.68 trillion. Share of total expenditure: 5.12%. 1-year change: +4.40%. 10-year change: +25.80%.
- Restaurants and bars. 2017 spending: $5.61 trillion. Share of total expenditure: 4.30%. 1-year change: +0.84%. 10-year change: +15.65%.
- Clothing and footwear. 2017 spending: $4.24 trillion. Share of total expenditure: 3.25%. 1-year change: +2.01%. 10-year change: +19.08%.