Economics
U.S. Consumer Spending & Household Finances: February 2024
Report summary
For many goods and services, consumer spending strength has carried into the new year: Americans increased spending in January after adjusting for inflation and seasonality. Younger consumers are reallocating their budgeting priorities away from nonessential purchases and increasing payments towards debts such as student loans. Higher incomes are keeping consumer spending growth strong, but some downside risks, like growing credit card debts, are manifesting amongst lower earners.
Key Takeaways
- Spending strength from the end of 2023 persisted into the new year.
- Younger adults continue to outspend older generations on discretionary goods and services but are increasingly allocating a smaller share of budget to this category.
- Rising incomes help bolster most consumers even as some of them report more debt.
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About the authors
Sofia Baig is an economist at decision intelligence company Morning Consult, where she works on descriptive and predictive analysis that leverages Morning Consult’s proprietary high-frequency data. Previously, she worked for the Federal Reserve Board as a quantitative analyst, focusing on topics related to monetary policy and bank stress testing. She received a bachelor’s degree in economics from Pomona College and a master’s degree in mathematics and statistics from Georgetown University.
Follow her on Twitter @_SofiaBaig_For speaking opportunities and booking requests, please email [email protected]
Kayla Bruun is the lead economist at decision intelligence company Morning Consult, where she works on descriptive and predictive analysis that leverages Morning Consult’s proprietary high-frequency economic data. Prior to joining Morning Consult, Kayla was a key member of the corporate strategy team at telecommunications company SES, where she produced market intelligence and industry analysis of mobility markets.
Kayla also served as an economist at IHS Markit, where she covered global services industries, provided price forecasts, produced written analyses and served as a subject-matter expert on client-facing consulting projects. Kayla earned a bachelor’s degree in economics from Emory University and an MBA with a certificate in nonmarket strategy from Georgetown University’s McDonough School of Business. For speaking opportunities and booking requests, please email [email protected]
