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US consumer spending remains elevated despite declining growth rates
Posted on April 29, 2024 |
US consumers are continuing to spend more despite a drop of 5% in growth rates.
Spending growth on non-durable goods has remained relatively stable since 2021, with a slight uptick observed in February 2024, while durable goods account for most of the actual spending growth.
There is a noticeable rise in the relative significance of leisure items and automobiles in consumer spending. In 2019, these items constituted 10.2% of expenditure, increasing to 14.7% by February 2024.
This trend reflects a shift in consumer preferences towards durable goods and leisure items, despite the overall slowdown in growth.