July 2023 U.S. Inflation and Consumer Spending Charts

This chart pack provides a curated summary of Morning Consult’s proprietary Economic Intelligence data on U.S. consumer spending and inflation. 

Spending continued to grow in June, a testament to the economic resilience of the U.S. consumer, and inflation cooled, bringing welcome price relief. Despite good news in spending and inflation, disparities between low-income households and their higher-earning counterparts are growing.

Chart Pack highlights:

• Morning Consult’s measure of average monthly consumer spending increased 7% in June, continuing the upward trend from May.  
• The U.S. Census Bureau’s retail sales stayed flat from May to June after adjusting for inflation. Although consumers continued to increase spending levels overall, many are prioritizing discretionary services like travel rather than goods purchases.
• Annual inflation slowed in June for all major categories. Goods price growth has been especially muted, with both durable and nondurable goods inflation falling negative last month. 
• Consumers across all income groups increased their total spending in June. However, middle- and high-income earners had larger increases of 23% and 31%, respectively.