These Are The Things That Most U.S. Consumers Are Buying These Days: A Consumer Expenditure Guide

The U.S. Bureau of Labor Statistics revealed in a report published in September 2019 that $20,000 is spent on consumer goods in an American household with a yearly income of around $78,635. It’s about ⅓ of the annual income. We define consumer goods as those that are utilized by the buyer for their consumption. Examples of these are food, clothing, and transportation. For business-minded individuals, this report is a very good source to identify which products to focus on to appeal to people who will most likely spend on them. 

In 2019, the restaurant industry reached at least US$773 Billion in terms of food and drink sales.  Food away from home includes snacks from commercial establishments and delivery services. Around 44% of the expenses on food account for food away from home. 

The coronavirus pandemic caused a fall on the numbers in this category. However, sales on food away from home are still higher than that in 20 years prior to the pandemic. Americans are fond of eating out and ordering through delivery services.  An interesting fact is that people are now interested in buying healthy foods in this pandemic era, noting an increase of 5% and more in healthy food expenditure. 

The healthy food niche is a top-selling niche this year and in the coming months.

Around $1,866 is spent on this category. This consumer expenditure category includes all apparel for men, women, and children, accessories, footwear and other services such as clothes-making, alterations, shoe repair, sewing, outfit rental, dry-cleaning, laundry, and jewelry repair. 

Consumer expenditure on this category The fashion industry is ever-changing, even amidst the threat of the Coronavirus pandemic. Fashion and online clothing is also a top-selling niche in the market these days.

Consumer expenditure on vehicle purchases amounted to $3,975 in 2018. On gasoline and other fuels, the average was $2,109. Vehicle purchases are the net amount (purchase price less the value in trade-in) of new cars including trucks, motorcycles, private planes, and other types of vehicles.

Consumer expenditure on personal care products & services amounted to $1,439. This includes oral hygiene, hair, cosmetics, bath, perfume, electrical personal products both for males and females. The skincare niche is a lucrative business pre- and post-pandemic. It is expected to be one of the fastest categories in the beauty industry due to product innovations. 

Entertainment amounted to $3,226 in consumer expenditure. Ticket shows, amusement parks, and other admission fees were undeniably impacted by the pandemic but other forms of entertainment became a hit this pandemic. This includes entertainment equipment, musical instruments, sports equipment, video games, veterinary expenses, and the like. 

The Coronavirus pandemic changed the spending habits of an average American, particularly on stuff outside the basic expenses. Consumer expenditures on food may have remained stable but even their food preferences within the category have changed. The economy is now recovering but it is highly doubted that most people will return to their old financial and expenditure habits, given the impact of the pandemic.