Economics
U.S. Consumer Spending Report: June 2022
Report summary
Elevated inflation remains top of mind for the U.S. consumer, with rising prices for a multitude of goods and services exerting a growing influence on households’ balance sheets, current spending and future purchasing intentions.
Key Takeaways
- U.S. adults are increasingly having to dip into savings or fund purchases with credit. Average reported monthly spending grew 6.5% year over year in May, while average earnings growth slowed to 5.2%.
- Rising costs for essentials and robust demand for services is re-shaping spending priorities.
- Future purchasing intentions, especially for housing and autos, are deteriorating.
About the authors
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]
Scott Brave previously worked at Morning Consult in economic analysis.
