US Consumer Spending Trends (2024)
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 these changes.
US consumer spending: expected changes
|
Expected change |
Percentage of consumers expecting the corresponding changes in expenditure over the following three months |
|
Increase a lot |
7% |
|
Increase a little |
30% |
|
No change |
37% |
|
Decrease a little |
15% |
|
Decrease a lot |
4% |
|
Don't know |
6% |
US consumer spending statistics: survey
According to recent US consumerism statistics, as of February 2024, more than one-third of all consumers expect their total household expenditure to remain constant over the next three months. 37% of consumers surveyed say they foresee “no change” in spending.
Even though these 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, the same proportion of consumers say they forecast that total household expenditure will increase in the coming months. More specifically, 30% say spending will likely “increase a little,” while as many as 7% expect it to rise by “a lot.”
On the other end of the spectrum, current US consumer spending trends point to just under one in five (19%) people projecting a decrease in expenditure—15% anticipate it will fall “a little,” while 4% say it will drop by “a lot.”
In other words, more than half (56%) of US consumers surveyed in February 2024 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 6% say they aren’t able to gauge how their spending will change in the following months.
US consumer spending data (2024): month-on-month changes
The actual data from the US Bureau of Economic Analysis shows varying changes in personal expenditure from month to month in 2024. Here’s a detailed breakdown of these changes.
|
Month |
Changes in personal outlay |
|
Jan 2024 |
+0.1% |
|
Feb 2024 |
+0.6% |
|
Mar 2024 |
+0.7% |
|
Apr 2024 |
+0.1% |
|
May 2024 |
+0.2% |
These month-on-month changes reflect the consumers' mixed expectations reported in the February 2024 survey. While some consumers expected significant changes in their spending, the actual data shows a relatively steady and moderate increase in personal expenditure over the first five months of 2024. Business owners can use this data to better understand current consumer spending trends and climate and adjust their strategies accordingly.