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.