US Consumer Spending Trends
One key factor that affects whether a business is able to expand and by how much is consumer spending trends. Changes in consumers’ expenditure, especially that of a brand’s target market, can significantly and directly impact its sales performance.
Here’s a look at recent US consumer spending statistics so business owners know how they need to adapt their sales and marketing strategies to cater to consumer spending changes.
US consumer spending statistics
According to recent US consumer spending data, as of June 2023, almost half of all consumers expect their total household expenditure to remain constant over the next three months. 46% of consumers surveyed say they foresee “no change” in spending.
The percentage of consumers expecting their household expenditure to stay the same has been fluctuating over the past couple of years. In June 2021, this figure was 54%, before falling to 49% in December 2021. In June 2022, it dipped further to 35%, before rising to 39% in October.
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Even though these latest US consumer spending statistics show that many consumers anticipate no change in their household spending, there remains a significant number of consumers who expect it to rise. In fact, around nearly one in three (31%) say they anticipate total household expenditure to increase in the coming months. More specifically, 23% say spending will likely “increase a little,” while as many as 8% expect it to rise by “a lot.”
In comparison, in June 2022, relatively fewer consumers (18%) said they anticipated household spending to increase by “a little,” while 12% said it would increase “a lot.”
On the other end of the spectrum, the current US consumer spending data points to just over one in six (16%) people expecting expenditure to decrease—11% anticipate it will fall “a little,” while 5% say it will drop by “a lot.” In comparison, data from the same period a year ago showed 27% of consumers had expected their spending to drop—11% said it would fall by “a lot” while 16% said it would fall by “a little.”
In other words, close to half (47%) of US consumers surveyed in June 2023 expected their household expenditure to change in one way or another over the next three months. There are more who anticipate an increase rather than a decrease, while around 7% say they aren’t able to gauge how their spending will change in the following months.