This is a 22.7% increase from 2020 and slightly above 2019 levels. 15%. The amount of money U.S. consumers spend on items such as campers, boats, concert tickets, sporting events, pets, toys, and TVs is at a record high, making it the most profitable of any spending category.
Consumer spending on housing is also at an all-time high, up more than 9% from 2019. The share of total spending spent on housing was 33.8% last year, down from 34.9% in 2020, but a 1% increase in nesting. Home prices rose 18.8% last year, the biggest rise in 34 years, according to the S&P CoreLogic Case-Shiller US National Home Price Index.
A BLS study of consumer spending shows how much spending patterns have changed during this historic period. Overall spending for the year outpaced income growth, with spending levels 9.1% above his 2020s and 6% higher than in 2019.
Average pre-tax income increased by nearly 3.7% from 2020 and increased by 5.5% from 2019. After-tax income increased by 5% and 10% respectively.
Spending in areas such as restaurants, transportation, travel and education, which fell sharply due to the pandemic, will rebound in 2021, with most categories approaching 2019 levels. However, data may point to the impact of inflation, which rose from his 1.3% to 7% in 2021.