Tuesday, September 11, 2018

Finally—A New Record High in Household Spending

Average household spending reached a new record high in 2017, finally surpassing the previous high set in 2006. American households spent an average of $60,060 in 2017, according to the Consumer Expenditure Survey. This is 2.1 percent more than the $58,846 of 2006, after adjusting for inflation. In the wake of the Great Recession, spending plunged as low as $51,526 in 2013. The 2017 spending figure is 16.6 percent higher than the 2013 low—an additional $8,500 of spending per year per household. No wonder the economy is booming.

Average household spending, 2006 to 2017 (in 2017 dollars)
2017: $60,060 (record high)
2016: $58,532
2015: $57,892
2013: $51,526 (post-Great Recession low)
2010: $54,080
2006: $58,846 (previous record high)

Source: Bureau of Labor Statistics, 2017 Consumer Expenditure Survey

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