Thursday, November 30, 2017

Spending on "Taxi Fares" Has Soared since 2010

Ride sharing has exploded since Uber rolled out in 2011. According to the Consumer Expenditure Survey, average household spending on what the Bureau of Labor Statistics calls "taxi fares and limousine services" climbed 47 percent between 2010 and 2016, after adjusting for inflation. The Uber effect is especially strong among Millennials...

Percent change in average household spending on "taxi fares," 2010 to 2016
Under age 25: –10%
Aged 25 to 34: +156%
Aged 35 to 44: +97%
Aged 45 to 54: +17%
Aged 55 to 64: –4%
Aged 65-plus: +17%

Drilling down to spending on "taxi fares" in home city only (excluding taxi fares on trips) and the increase in average household spending is even greater—55 percent overall and 181 percent for householders aged 25 to 34.

Source: Demo Memo analysis of the Bureau of Labor Statistics' Consumer Expenditure Survey

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