Average annual consumer expenditures rose 5.9% between 2023 and 2022 to reach $77,280, according to US Bureau for Labor Statistics.
Housing accounted for 32.9% of consumer expenditures, transportation for 17% and Food for 12.9%.
The largest percent increase in consumer expenditures was in education at 24% while personal care products and services spending rose 9.7%.
After a 7.4% increase in 2022 housing expenditures rose again in 2023 by 4.7%. The 7.1% increase in transportation expenditure was driven by a 29.7% increase in public transportation and other transportation spending and a 23.2% increase in vehicle purchases.
Single parents with at least one child under 18 saw the share of housing as part of their expenditures rise to 37.3%.
By Staff
