Infographic: What Do Americans Spend Their Money On?
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The United States economy is worth approximately $15.8 trillion and more than two thirds of that amount is spent on consumption. But how do ordinary Americans spend their money and how has their spending pattern changed over time?
Consumer spending is one of the largest drivers of growth in the United States and its share of total GDP has been rising steadily over the years. But America’s spending habits have changed significantly over the last decades.
The United States economy is worth approximately $15.8 trillion and more than two thirds of that amount is spent on consumption. But how do ordinary Americans spend their money and how has their spending pattern changed over time?
Consumer spending is one of the largest drivers of growth in the United States and its share of total GDP has been rising steadily over the years. But America’s spending habits have changed significantly over the last decades.
Of note, huge increases in the percentage of income allocated to housing and transportation have been observed while the relative spending on food and clothing has fallen. For instance, the average American spends over 40 percent of his income on housing today, compared with just 26 percent in 1949 while expenditure on food has fallen from 40 percent to 15.1 percent in the same period.
But other than spending, what is the US economy actually selling? Check out this infographic to learn more about the American economy.
Related Infographic: Evolution of the American Economy
Related Infographic: America’s Baby Boomers – A Generation of Consumers
Related News: Chinese Consumers Willing To Pay More for “Made in USA” Goods: BCG Study
Infographic via AccountingDegree
