Qualtrics uses the power of data to give us a compelling look at American consumer habits. They drew their data from the Bureau of Labor Statistics to provide us with intriguing insights into lifestyles, priorities, and the state of the American economy. Read more
In the first chart, we see a round graphic with different-sized bubbles displaying how much Americans spend in each category. Overall, the graphic indicates that Americans spend approximately $77,280 per year. Here’s a breakdown of that spending: 1. Housing 2. Transportation 3. Food 4. Personal Insurance 5. Healthcare 6. Utilities, fuel, and public services 7. Entertainment 8. Household furnishings 9. Apparel 10. Personal care products and services 11. Alcoholic beverages 12. Tobacco products
Housing tops the chart across income categories, regardless of where consumers live. This is an essential expense, and there has been a housing shortage in the past few years, driving up prices and necessitating more spending. According to the U.S. Department of the Treasury, housing expenses are rising faster than income levels, signaling economic trouble and challenges for the average consumer.
Transportation is a necessity for any American who doesn’t live in a major city. They need their vehicles to commute to and from work, to visit the grocery store, and to drop off their children at school. Transportation is straining Americans, though, with higher gas and vehicle prices.
Third place is another absolute essential and probably the most essential category of all: food. The team’s data indicate that Americans spend approximately $1,174 on groceries each month. Grocery prices rose in 2020 and have stayed high. Food accounts for 13% to 17% of American budgets.
Were you surprised by American spending? This chart’s strength lies in its details. The more we look, the more information and insights we have gleaned.
