People Think Expenses are Coming Down While Spending More

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Survey Results Show People Feel Expenses Are Coming Down

From the recent survey results, people are feeling more hopeful about future finances.

  • Median expected monthly overall spending growth over the next twelve months declined from 5.4 percent in April to 4.4 percent in August. The decrease was broad-based across age, education, and income groups.
  • The median year-over-year increase in monthly nominal household spending rose from 7.8 percent in April to 9.0 percent in August, its fifth consecutive increase since the December 2020 survey and its highest reading since the beginning of the series in December 2014.
  • The share of households that reported making a large purchase over the past four months increased slightly from 61.6 percent in April to 61.7 percent in August. The shares of those reporting a large purchase on vacations, home appliances, homes, and vehicles all increased in August, with that for vacations reaching its highest reading since August 2019.
  • Median expected year-ahead growth in everyday essential spending (that is, daily living expenses related to what one needs) decreased from its series high of 7.5 percent in April to 5.6 percent in August. The median expected growth in non-essential spending declined from 2.5 percent in April to 1.8 percent in August, its lowest reading since December 2020.
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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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