Consumers Spent More Enjoyment in 2021 | Smart Change: Personal Finance

Consumers Spent More Enjoyment in 2021

According to data released on September 8 from the Bureau of Labor Statistics, American consumers indulged in entertainment in 2021. People were photographed here at Nathan’s Famous at Coney Island in New York in May of 2021.

Alexey Rosenfeld/Getty Images/File

After spending 2020 as a deadly, rapidly spreading virus that defined most aspects of daily life, American consumers bragged in 2021 that they paid an average of $3,568 on entertainment, according to the Data released Thursday From the Bureau of Labor Statistics.

This is up 22.7% from 2020, exceeding 2019 levels by just over 15%. The amount US consumers spend on things like camping, boats, party tickets, sporting events, pets, toys, and televisions is the highest ever and the biggest gain among spending categories.

The amount consumers spent on housing was also the highest on record, up more than 9% from 2019. The share of total spending on housing was 33.8% last year, down from 34.9% in heavy nesting in 2020, but up 1%. point from 2019. Last year, home prices jumped 18.8%, the largest increase in 34 years, according to the S&P CoreLogic Case-Shiller National U.S. Home Price Index.

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The BLS Survey of Consumer Expenditures shows how much spending patterns have changed over this historical period. Total spending for the year exceeded income growth with spending levels 9.1% above 2020 and 6% above 2019.

Average income before taxes grew approximately 3.7% from 2020 and rose 5.5% from 2019. Income after taxes grew by 5% and 10%, respectively.

Spending in areas heavily weakened by the pandemic — such as restaurants, transportation, travel and education — rebounded in 2021, with most categories close to matching their levels in 2019. However, the data is likely to show some impact from inflation, which rose to 7% from 1.3% in 2021.

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