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Study: US consumer spending passes $10 trillion
For the first time, US consumer spending is pushing past the $10 trillion mark; this as one study indicates more consumers are spending on themselves rather than saving or paying down debt.
The 2008 recession is six years in the books, and it appears US consumers are ready to move on. According to new data out from Mintel, US consumer spending is becoming more 'self' centered; consumer goods spending pushed past the $10 trillion mark in 2013 and spending is expected to increase by about 3% in 2014.
If spending increases by that amount, spending will be ahead of the projected rate on inflation.
"In 2014, it appears that America has finally stopped holding its collective breath, waiting for the other economic shoe to drop," says Fiona O'Donnell, category manager, multicultural, lifestyles and leisure at Mintel. "After five years of slow but steady growth, Americans have passed the tipping point of prolonged economic worry and have cautiously accepted that things are better. Confidence in personal finances has allowed consumers to think about the future and look forward rather than linger over the past."
Some interesting takeaways from the report include:
• Total US consumer spending will increase 20% between 2013 and 2018
• Spending increased only 15% between 2008 and 2013
• Non-Essentials (Leisure, Entertainment) are poised for 28% growth
• Vacation and Tourism are forecasted to increase 27%
• Tech/Communications are expected to increase 25%
"An improved personal financial situation has allowed many to expand their focus from simply keeping up with the bills to looking more widely at what goals they would like to accomplish," said O'Donnell. "Improving personal health through diet and exercise are key areas where Americans are looking to make positive changes, and with less mental energy expended on financial worries, they are in a better position to make these aspirations a reality."
Image via Shutterstock
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