Economics
U.S. Consumer Spending & Household Finances: March 2024
Report summary
Despite continued growth in real incomes promoting relative stability in household finances, consumer spending retreated slightly in February. The spending pullback coincided with an uptick in price sensitivity last month. Even with slower inflation, the high cost of living—exacerbated by elevated interest rates—is forcing some consumers to pick and choose among spending priorities.
Key Takeaways
- Elevated living costs and growing debt burdens are leading some consumers to cut back on spending.
- Services categories play a vital role in spending growth, with high earners and younger adults among the most likely to prioritize discretionary experiences.
- Monthly debt obligations have increased from a year ago, with parents and low earners among the groups experiencing the most acute impacts.
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About the authors
Kayla Bruun is a senior economist at decision intelligence company Morning Consult, where she analyzes consumer spending, inflation and household finance trends, leveraging the company’s proprietary high-frequency 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.
Follow her on Twitter @KaylaBruun. For speaking opportunities and booking requests, please email [email protected]
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]
