U.S consumer debt rose 4.3% to $4.1 trillion in June 2019. Companies that depend exclusively on a low-cost or a high-value competitive advantage have fallen behind. As mentioned, consumer spending as a percentage of GDP in the US is nearly 70%. Having the greatest number in the population and pocketing the second-highest income among all demographic groups, Caucasians still have the most powerful buying power in the US. Although females spend $1,234 less per year than men in this category, updated. But first, let’s take a look at some of the most interesting statistics we cherry-picked from the article. From new meat alternatives, to software for a thriving home life, to new models for education, there’s no shortage of innovation coming in 2020 … Head of Department in charge: Hannele Orjala. The frugality of the people of the Magnolia State was understandable, as it had second-lowest real person income per capita and lowest greenback value last year. Gross Domestic Product." The 2018 average consumer spending breakdown also revealed that $9,761, $7,923, and $7,296 were spent on transportation, food, and insurance and pensions, respectively. Did you know that 52% of those who are at least 25 years old have a bachelor’s degree or higher? Updated November 19, 2020 Consumer spending, also known as personal consumption expenditures (PCE), increased 40.7% in the third quarter (Q3) of 2020, according to the third quarter gross domestic product advance estimate. As of October 2020, consumer confidence is the highest it's been since before the pandemic, but it's still far below pre-pandemic levels.. are and will always be the most relevant measure of the country’s economic health. in the country have maintained their upward trajectory. 1. The 2020 Media Consumer Survey provides a view of how people were consuming media and entertainment during the COVID-19 lockdown restrictions in Australia from March to May 2020. Consumerism is the theory that states people consuming goods and services in large quantities will be better off. As a result, Amazon and other online stores have stolen business from brick-and-mortar stores. Digital food ordering has become a massive $27 billion industry and expanded by an incredible 23% over the past four years. Consumer preferences drive the economy. S&P 500, Dow Jones, and Nasdaq have taken a nosedive since the World Health Organization labeled the rapid spread of the novel coronavirus worldwide a pandemic. The negative effects of consumerism include the depletion of natural resources and pollution of the Earth. In January 2020, the personal saving rate in the US was 7.9%. In the first quarter of 2019 alone, spending reached $14.24 trillion, with figures showing a huge trend toward online shopping. Percent Change From Preceding Period in Real Gross Domestic Product." U.S. retail sales in the third quarter increased 6.9% from the same quarter in 2019, according to Census Bureau data. That annualized rate is well above the 3% rate of growth for annual retail sales growth that's viewed as desirable. The latest statistics on US consumer spending from 2019 show the upward trend in motion since 2014 is likely to continue throughout the next few years. If spending is flat, economic growth may also be anemic, which can increase recession fears. The present situation index plummeted from 173.9 in January to 165.1 in February. Brands that don’t shy away from political issues. Despite changes to the North American Free Trade Agreement and other free trade agreements, some manufacturers may still choose to cut jobs locally and hire abroad. Accessed Nov. 25, 2020. (USA TODAY, Investopedia & Center for Strategic and International Studies). The US consumer economy has its fair share of highs and lows, but it’s a success story for the most part. In 2014, Americans spent $57.4 billon on Black Friday Weekend alone. Compared to the 2019 number, the consumer spending rate for this year was estimated to jump by a whopping 21%. Statista In 2019, tea revenue globally is about US$214,761m and is expected to grow each year by 6.9% until 2023. As of April 2020, 35% of global Instagram audiences were between the ages of 25 and 34. These interesting consumer spending statistics suggest that Hispanics like DIY automobile activities, making them promising target consumers for auto aftermarket businesses. Technically, both statistics about US consumer spending in 2019 above are positive. Men spend 68% more money online than women A culture in which the urge to consume dominates the psychology of citizens is a culture in which people will do most anything to acquire the means to consume -- working slavish hours, behaving rapaciously in their business pursuits, and even bending the rules in order to maximize their earnings. We are currently overusing Earth’s natural resources with more than 70 percent. During the transition period, those UK statistics that align with EU practice and rules will continue to do so in the same way as before 31 January 2020. The biggest factor that dragged down the overall confidence of consumers was the less optimistic view of people toward the current business and labor landscape. 1. That cut back on shopping. Consumer preferences drive the economy. The report is trusted and used by businesses, academics and the UK Government. Publication in pdf-format (410.1 kB) Reviews. That’s just the tip of the iceberg. Top 10 Vegetable Consumption Statistics. Other non-discretionary expenditures such as transportation, housing, health care, and food also saw noticeable hikes throughout that period. "Quarterly Retail E-Commerce Sales 3rd Quarter 2020." However, these stats do not mean single ladies are more thrifty. Marketers of consumer packaged goods companies should take note of the eye-popping total consumer spending of Hispanic Americans on such commodities. It went up to $967 in 2017 and then $1,007 in 2018. , health expenditure in the US and other high-income countries started to climb in 1970. below to see how strong consumption has prevented the US economy from tanking and determine how sustainable this growth path can be. underscored the uninterrupted increase in the cost of shelter, which ballooned from $7,537 (inflation-adjusted) in the early 1940s to $17,798 in the mid-2010s. Your source for the latest research news. "Corporate-driven consumerism is having massive psychological effects, not just on … The average of leading US metros last year was 255.66. With robust buying power, the second-largest demographic group in the US could easily drive future United States consumer spending statistics up. In addition, the group spends 15% and 13% less on lube change, among other vehicle services, and tune-ups, respectively. of Americans continue to rise? Released: 31 March 2020 Consumer trends, UK : July to September 2019 Released: 20 December 2019 Consumer trends, UK : April to June 2019 Released: 30 September 2019 Consumer trends, UK : January to March 2019 Released: 28 June 2019 Consumer trends, UK : October to December 2018 Released: 29 March 2019 Consumer trends, UK : July to September 2018 PCE refers to the value of the goods and services bought for or by residents of the United States.. The average consumer planned to draw down $936 in 2016. It could be a reflection of a decrease or. Judging by the stats about consumer spending by country, China is no different. It could be a reflection of a decrease or increase in consumer spending plans made by the surveyed consumers or their hopes for the outcome of the 2020 Presidential election. In September 2020, U.S. consumer debt rose by 4.7% to slightly below $4.2 trillion. Current American credit card debt sits at $830 billion. (National Coffee Association USA) While the aforementioned discovery is more of an apocryphal and cannot be proven to be true, one thing is certain: coffee came from Ethiopia and later m… Q: What percentage of Americans watch TV news? But Chinese consumers have been able to do this while being more disciplined savers than Americans. For decades, the voracious appetites of Americans for goods and services have been benefiting the economy. Gross Domestic Product, Quarterly Retail E-Commerce Sales 3rd Quarter 2020, Advance Monthly Sales for Retail and Food Services, October 2020, Adobe Data Shows Record Cyber Monday With $9.2 Billion in Online Sales. The greater financial pressures Millennials have been dealing with could explain why most of them were not able to make milestone life purchases as early as their parents and grandparents did. By 2014, Chileans, South Koreans, Greeks, Israelis, and Spaniards were living at least two years longer than Americans while spending two-thirds less on healthcare. Anemic stock markets erode people’s wealth and shatter confidence in the economy. Consumer Spending Increases 40.6% in Q3 2020, Retail Sales Increase as Businesses Reopen, How Retailers Have Responded to Changing Consumer Expectations, U.S. GDP Jumps 33.1% in Third Quarter After Record Contraction, Holiday Sales Set to Reach New Record, NRF Predicts, Buyers Scoop Up Dwindling Supply of Homes in October, What Durable Goods Orders Tell You About the Future, New Bankruptcies Dip to Record Low Amid Federal Relief, Consumers Plan to Spend Money on Halloween Despite Pandemic, Jobs Report and the Monthly Employment Growth Statistics, Top 10 Economic Predictions for the Next Decade. of single males appear to be bigger than their female counterparts. Third quarter online sales increased 37.1% over the same period in 2019. Also known as personal consumption expenditures, these statistics are a popular way to gauge the economy's strength. 20. Retailers now have to contend with shoppers who expect high value combined with low prices. Customer Retention Statistics 2020 Let’s first look at the latest data revealing how important customer retention is for business and what’s the driving factor for us – customers. U.S. Census Bureau. We track sales data across a wide range of consumer sectors. Social Impact of COVID-19 Survey November 2020: Perceptions and Expectations around Christmas and International Travel 1 December 2020. She writes about the U.S. Economy for The Balance. 19/11/2020 . . 1. This follows a significant drop in PCE for the second quarter (-33.2%) due to the economic repercussions of the COVID-19 pandemic. Due to rising ecommerce penetration, economists and marketers could reasonably expect the digital consumer spending statistics for the 2020 holidays to reach new heights. will not be anywhere near the numbers recorded in 2014, 2015, and 2017. go through female family members. It creates a never-ending cycle of buying and selling which allows the economy to grow. Leaders will have to consider balancing the need to invest in technologies to keep up with increasingly empowered consumers and being financially prudent in their investment strategy. The. (Wyzowl, 2019) Instagram. Holiday spending has steadily risen almost every year since 2008. List of the Pros of Consumerism. a Both consumer confidence indicators receive values between -100 and +100. showed that gas and insurance make up 9% of all expenses, the second-largest category after housing. The Asian nation owes its ongoing economic renaissance to soaring consumption. due to desperate measures like social distancing and self isolation. It should not be surprising that the percentage of renters increased between 2007 and 2017 since it was during this period when the Great Recession happened and America’s student loan debt problem became a crisis. Based on the latest consumer spending statistics by city, completing the top five markets for food delivery are San Francisco, Boston, Los Angeles, and Miami. Consumer debt had hit a record of over $4.2 trillion in February 2020, right before the pandemic and recession set in. They also command tremendous influence, which they use to affect purchases they do not have to fund themselves and reject ideas by others. Last year, the figure was projected at $1,048. Civil Service statistics: 2020. Other than food and beverages, merch and party supplies were some of the hottest commodities among fans. Tea Consumption & Industry Statistics in 2020 Tea Consumption & ... We dove deep to find the most interesting and surprising statistics about tea, regarding who drinks it, who produces it, popularity and exports by country, as well as company-specific stats and emerging trends. Bureau of Economic Analysis. Consumer spending continues to shift toward online shopping versus shopping in brick-and-mortar stores. This record-breaking year saw retailers rake in an estimated $138.65 billion during a five-day shopping spree, spanning from Thanksgiving through Cyber Monday. If everyone on earth lived like the average American we would need 5.2 planets to support us. Average consumer debt per capita is approximately $12,687 (total consumer debt as of November 2019 / total US population as of January 9, 2020). , completing the top five markets for food delivery are San Francisco, Boston, Los Angeles, and Miami. Trading Economics. For decades, the voracious appetites of Americans for goods and services have been benefiting the economy. Considering that almost all of them own a mobile device and have internet access at home and nearly 90% of them have a computer, they are indeed tech trendsetters. Millennials are the most profligate generation. To put the holiday shopping mania in the country into perspective, one of the key. Consumption was forecast to also sink in Italy and France. On the other hand, 29% increased their expenditures during that 12-month period. The usually lengthy life expectancies of Asian Americans mean that they could sustain. The report about consumer spending by income level showed that gas and insurance make up 9% of all expenses, the second-largest category after housing. The discovery of coffee is attributed to an Ethiopian legend, famously known as the story of Kaldi, the 9th-century Ethiopian goatherd who discovered coffee when he noticed how excited his goats became after eating the beans from a coffee plant. Adobe Blog. The majority of average household expenses go through female family members. But Americans can sustain their holiday spending hot streak if the government successfully cushions the economic fallout from the coronavirus threat. 9. Minorities command $3.9 trillion in purchasing power. 20.3% is the average credit card interest in the UK in September 2019. Research news on consumerism and the effect of consumerism on society and the environment. An economic pundit from Bank of America, who announced the negative development, does not believe that the decline in the country’s GDP will last long, though. Even as brick-and-mortar stores reopened, many shoppers continued to buy goods online. Hispanic families are not just larger; they also have rising spending habits. In terms of men’s active sportswear, Hispanics exceed the expenditures of the average American by 25%. "Gross Domestic Product, Third Quarter 2020 (Second Estimate); Corporate Profits, Third Quarter 2020 (Preliminary Estimate)." because of strong income. The $813 annual expense of men on apparel pales in comparison to women’s $1,140. Source: Consumer Confidence 2020, October. Spending took a long time to bounce back from the recession. And the status quo will persist due to the unwavering commitment of Asian Americans to education. 75 years of US consumerism statistics underscored the uninterrupted increase in the cost of shelter, which ballooned from $7,537 (inflation-adjusted) in the early 1940s to $17,798 in the mid-2010s. Although females spend $1,234 less per year than men in this category, updated women consumer spending statistics say that their auto insurance premiums are 200% more expensive than males. With robust buying power, the second-largest demographic group in the US could easily drive future, United States consumer spending statistics, Marketers of consumer packaged goods companies should take note of the eye-popping. But retailers, if they want to stay afloat, must not underestimate the reality that more and more Americans are using digital shopping platforms. That includes spending on durable goods, like automobiles, which increased dramatically—by 82.9%. Examination of response distributions (27.10.2020) 2. Consumer spending, also known as personal consumption expenditures (PCE), increased 40.6% in the third quarter (Q3) of 2020, according to the third-quarter gross domestic product second estimate. Let’s analyze the consumer spending statistics below to see how strong consumption has prevented the US economy from tanking and determine how sustainable this growth path can be. The goods and services purchased by, or on behalf of, people living in the United States. We've identified the top 10 trends in what consumers want from brands in 2020 and into the new decade. The result fell short of expectations. (Statista, 2020) 79% of video marketers use Facebook as a video marketing channel. Organizations can focus on these consumer goods industry trends to plan for uncertain times. RESEARCH REPORT. Sales were up 5.7% from October a year ago, and total sales from August through October were up 5.1% from the same period in 2019, which likely reflects increased spending after the closures in the second quarter of 2020.. But American life expectancy has not gone up as much as that in the rest of the developed world. Women control up to 80% of household economic decisions. Accessed Nov. 25, 2020. Air and Sea Travel Statistics October 2020 30 November 2020. In September 2020 compared with August 2020, seasonally adjusted production in the construction sector decreased by 2.9% in the euro area and by 2.5% in the EU, according to first estimates from Eurostat, the statistical office of the European Union. Ecommerce penetration in America has been on a continuous rise for a couple of years now. Employees who lose jobs may have cut back on spending and increased saving to make up for income shortfalls. That's after falling by 2.0% in August. Hispanic families are not just larger; they also have rising spending habits. Market Size & Industry Statistics. Among the 10,372 respondents, 88% of Democrats and 45% of Republicans share the sentiment that the, However, the glaring difference in opinion between the two groups makes it hard to determine the reason behind the prediction of a lower economic growth rate in the next 12 months. By 2030, the Global Ecological Footprint is expected to reach two meaning that we will need the equivalent of two planet Earths to provide us with resources for our consumption and absorb our waste. Residents of Washington, DC need to make at least $6,660 a month to afford the District’s cost of living. However, the glaring difference in opinion between the two groups makes it hard to determine the reason behind the prediction of a lower economic growth rate in the next 12 months. As the table below shows, consumer spending has remained close to that healthy range since 2010, following the financial crisis.. Inquiries: Pertti Kangassalo 029 551 3598, Tuomas Parikka 029 551 3276, firstname.lastname@example.org. First and foremost, millions of people went back to school to find new careers. On the biggest shopping day of the year, we decided to look at some of the numbers to show just how powerful American’s obsession with consumption really is. Let’s begin with some general online shopping statistics to give you an idea of how big the industry actually is. Warc has revealed that 84% of respondents to Warc's Marketers Toolkit survey said conscious consumerism and sustainability would have a significant or some impact on marketing strategies in 2020. With the industrial revolution, but particularly in the 20th century, mass production led to overproduction—the supply of goods would grow beyond consumer demand, and so manufacturers turned to planned obsolescence and advertising to manipulate consumer spending. Stores that closed or limited hours in the second quarter reopened, and consumers started to venture out again. A positive value means dominance of consumers with optimistic attitude over consumers with pessimistic attitude, while negative value means dominance of consumers with pessimistic attitude over consumers with optimistic attitude.In March 2020, 1137 interviews were conducted in the period 02-11.03.2020 r. After Americans decided to spend $17 less in 2016 than what they splurged the year before, the Christmas consumer spending statistics in the country have maintained their upward trajectory. 8. In 1960, it was 10.4%. The expenditures of both genders are practically identical in other health categories, though. Buying power does not only make women dominant economic decision-makers at home. Consumer debt had hit a record of over $4.2 trillion in February 2020, right before the pandemic and recession set in. Although North Dakotans had the 15th-lowest value of a dollar last year, they were able to record impressive. (Statistics Bureau of Japan) 61% of Americans now have a … In 2018, the global vegetable market generated $1.25 trillion in revenue. 01. People are more likely to shop when they feel confident about their ability to get a more lucrative job. According to the stats about consumer spending in 2019, the average Tampan just needs 58% of the average Seattleite’s budget to live in Cigar City. Effects of consumerism on individuals: Obesity. (PYMNTS.com, China Daily, Federal Reserve Bank of St. Louis & HowMuch.net). The time is right for a more resonant and joyful anti-consumerism. A: According to news consumption statistics 2019, the percentage of Americans watching TV is 41%. This group of consumers spends 28% more than the average household expense on purchasing clothing for children under the age of two as well as footwear for men, boys, and girls. Consumer spending in the U.S.A. is up 2.5% from 2018. figures say that the average Washingtonian needs to lay out $4,085 for housing, transportation, and food. The total U.S. industry market size for Consumer Lending: Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size. The 2019 consumer spending by month figures say that the average Washingtonian needs to lay out $4,085 for housing, transportation, and food. On an annualized basis, that's a 40.6% increase from the second quarter, according to the BEA., Spending on goods increased by 46.9%. When goods or services are demanded in a society, then businesses must work harder to produce those items. (Bureau of Economic Analysis, The Hill, The Balance, CNBC, TheStreet & Economicshelp.org). $11,750 is the annual housing expense of average Americans. More detailed data on what people buy is released annually. The current average population increase is estimated at 81 million people per year. Consumer trends dataset up to Quarter 2 (Apr to June) 2020. Greater purchasing power is perhaps the primary reason why the. ENERGY STATISTICS 2020 2 Chapter 6 :Consumption Of Energy Resources 49-66 Highlights and Graphs 49-53 Table 6.1: Trends in Consumption of Energy Sources in India 54 Table 6.2: Consumption of Energy Sources 55 Table 6.3: Per capita Consumption of Energy and Energy Intensity 56 Table 6.4: Industry wise Consumption of Raw Coal 57 Debt, along with consumer spending, has fallen dramatically in response to the COVID-19 pandemic, threatening the economic recovery. ... (October 2020 to October 2019) and decreased by 0.9 percent on monthly basis (October 2020 to September 2020). on purchasing clothing for children under the age of two as well as footwear for men, boys, and girls. "Adobe Data Shows Record Cyber Monday With $9.2 Billion in Online Sales." somewhat surprising is the fact that African Americans live in the highest rate of poverty. Discover some of the (often hidden) consequences of the products and purchasing decisions we make. They also command tremendous influence, which they use to affect purchases they do not have to fund themselves and reject ideas by others. The Ethical Consumer Markets Report has been acting as an important barometer of UK spending since 1999. The Trump administration’s ability to manage the COVID-19 outbreak will determine how fast American consumers could financially recover and feel motivated to begin splurging again. Will the real personal consumption expenditures of Americans continue to rise? However, this should come as no surprise, since consumerism implies exactly that – using as much as we can, rather than as much as we need. The annual average inflation rate between October 2020 and October 2019 was 8.2 percent. Next to Utah, Washington had 6.8%, Colorado reported 6.1%, and California and Nevada both had 6%. Accessed Nov. 25, 2020. The number of Americans planning to take advantage of the pre-Christmas sales period is also expected to rise from 86% in 2019 to 88% in 2020. Beyond forecasting the economy, consumer spending statistics also help retailers evolve in a way that appeals to consumers so that they can remain in business. Related content Tea consumption per capita in the UK is 1.3 kg for 2019. , China is no different. Production in construction down by 2.9% in euro area and by 2.5% in EU. In contrast, the top 20% consume roughly $100,000 worth of goods and services and still manage to save about $50,000 per year. To put the holiday shopping mania in the country into perspective, one of the key consumer spending statistics about daily vs holidays expenses says that the ordinary American gets by on just $164.55 a day. by at least 11 years longer than any other demographic group in the country. They have a tendency to overindulge in clothing and food. ... Modern consumerism is about more than just buying holiday gifts in your pajamas. Online news consumption of men in the United Kingdom (UK) 2020, by device Distribution of online and print news consumption in the Netherlands 2019, by age News consumption … For October 2020, advance estimates of seasonally adjusted retail sales showed almost no change from September, with a 0.3% increase. Consumerism reaches a frenzied peak as the holidays approach, but it's not too late to put on the brakes. Here are some recent American spending stats that show you how far it’s come: Impressive Consumer Spending Statistics (Editor’s Pick): The average income before taxes is $78,635. Will the 2020 holiday season be as merry as the previous ones? Or will consumers begin to cut their budgets? While American households were expected to have boosted their expenses in 2019, the acceleration in the annual consumer spending rate will not be anywhere near the numbers recorded in 2014, 2015, and 2017. (Statista, 2020) According to stats about global consumer spending by year, health expenditure in the US and other high-income countries started to climb in 1970. Due to rising ecommerce penetration, economists and marketers could reasonably expect the digital. Until the 2020 recession, numbers were inching higher. Hispanic consumerism is more pronounced when it comes to specific subcategories. Only one in every 10 consumers reduced their spending. The American government may not take other major GDP components for granted, but. Americans are known for many things, but being big savers is not one of them. US National Debt by Year Compared to GDP and Major Events, National Income and Product Accounts: Table 1.1.1. In contrast, the average man is only willing to part ways with about $297 to buy personal care products. For example, online sales for Black Friday in 2019 grew by 19.6% over the previous year, according to Adobe data. It wouldn't be surprising to see that number tick up even more in 2020 with less in-person shopping taking place because of the pandemic. Social Impact of COVID-19 Survey November 2020: Well-being and Lifestyle under Level 5 Restrictions Percent Change From Preceding Period in Real Gross Domestic Product, Gross Domestic Product, Third Quarter 2020 (Second Estimate); Corporate Profits, Third Quarter 2020 (Preliminary Estimate), National Income and Product Accounts Tables: Table 1.1.5. Although North Dakotans had the 15th-lowest value of a dollar last year, they were able to record impressive consumer expenditure data because of strong income. We’ve gathered the latest consumer spending statistics. Kimberly Amadeo has 20 years of experience in economic analysis and business strategy. A good 83% of all say that they use video as a lead generation tool, while 87% have seen an increase in web traffic thanks to video. of Hispanic Americans on such commodities. The following statistics come from the Federal Reserve’s Consumer Credit G.19 release: Total consumer debt totaled $4.144 trillion in quarter three of 2019, a 4.7% increase from quarter three of 2018. Given how much consumer spending dropped during the second quarter of 2020 (PCE declined by 33.2%), it makes sense that as economic activities resume, there would be a significant increase in consumer spending., Strong consumer spending is the main reason the GDP growth rate had been within a healthy range of 2% to 3% since the Great Recession. Accessed Nov. 25, 2020. Greater purchasing power is perhaps the primary reason why the US consumption statistics of single males appear to be bigger than their female counterparts. October 26, 2020 July 9, 2020 by MyFriendsCoffee Team In this article, our team collected the most detailed US coffee statistics for 2020 . Spending on nondurable goods, like groceries, increased by 30.6%. All in all, the coffers of flower, chocolate, and jewelry merchants, among others, swelled to the tune of $27.4 billion, which was 32% higher than the prior Valentine’s Day revenue. Although the collective greenbacks of these consumers were estimated to be just $115 billion two years ago, this number is bound to climb steadily in the foreseeable future. , the average Tampan just needs 58% of the average Seattleite’s budget to live in Cigar City. Consume 45% of all meat and fish, the poorest fifth 5% Consume 58% of total energy, the poorest fifth less than 4% Have 74% of all telephone lines, the poorest fifth 1.5% Consume 84% of all paper, the poorest fifth 1.1% Basic needs, people are shopping more consciously, buying local and are embracing digital commerce living... S $ 1,140 year by 6.9 % until 2023 by residents of Washington, DC need to make only! Primary reason why the US was 7.9 % their expenses in 2019 above are positive income, consumerism statistics 2020... 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