2018-2021 US consumer spending growth primarily driven by higher-income households due to housing and stock market gains.
A Federal Reserve study reveals that U.S. consumer spending growth is largely fueled by higher-income households, who have benefitted from gains in the housing and stock markets. Since 2018, high earners have increased spending more than twice as much as low-income groups. While lower-income households saw a boost at the start of the pandemic, their spending growth has lagged significantly since then. Overall, middle- and high-income households have driven recent consumer resilience.
October 11, 2024
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