{"id":41,"date":"2019-10-10T21:32:01","date_gmt":"2019-10-10T21:32:01","guid":{"rendered":"https:\/\/market-wisdom.com\/?p=41"},"modified":"2020-09-25T23:22:55","modified_gmt":"2020-09-25T23:22:55","slug":"the-trend-in-american-spending-chasing-the-american-dream","status":"publish","type":"post","link":"https:\/\/market-wisdom.com\/index.php\/2019\/10\/10\/the-trend-in-american-spending-chasing-the-american-dream\/","title":{"rendered":"The trend in American spending &#8212; chasing the American Dream"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"840\" height=\"560\" src=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2019\/11\/coins-1015125_1920.jpg?resize=840%2C560&#038;ssl=1\" alt=\"Image of the balance between money and food related to the trend in American spending\" class=\"wp-image-78\" srcset=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2019\/11\/coins-1015125_1920.jpg?resize=1024%2C683&amp;ssl=1 1024w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2019\/11\/coins-1015125_1920.jpg?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2019\/11\/coins-1015125_1920.jpg?resize=768%2C512&amp;ssl=1 768w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2019\/11\/coins-1015125_1920.jpg?resize=1200%2C800&amp;ssl=1 1200w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2019\/11\/coins-1015125_1920.jpg?w=1920&amp;ssl=1 1920w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2019\/11\/coins-1015125_1920.jpg?w=1680&amp;ssl=1 1680w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><figcaption><a href=\"https:\/\/pixabay.com\/photos\/coins-calculator-budget-1015125\/\">Image<\/a> courtesy Steve Buisinne\/Pixabay<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"text-decoration: underline;\">Background<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you need to work with your clients on their finances, it\u2019s important to understand the trend in American spending.&nbsp;&nbsp;We know that households\u2019 spending has changed over time, but how?&nbsp;&nbsp;This analysis looks at the Bureau of Labor Statistics\u2019 Consumer Expenditures study; to get a sense of change, it includes 1950, 1997 (the closest date to 2000 available), and 2017.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/market-wisdom.com\/wp-content\/uploads\/2019\/10\/American-spending-trend-2.pdf\" alt=\"Graph showing the trend in American spending from 1950 to 2017\" class=\"wp-image-67\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"text-decoration: underline;\">Findings<\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>House poor?<\/strong>&nbsp;The average household spends 1\/3 of their budget on housing, up from \u00bc after WW II.&nbsp;&nbsp;Because budgets have grown over time, this is even more dramatic.&nbsp;&nbsp;In constant dollars, Americans since WWII have doubled their annual housing spend to $20K\/year.<\/li><li><strong>The love affair with cars:<\/strong>&nbsp;&nbsp;16% of the budget goes to transportation, almost all of which is for automobiles.<\/li><li><strong>Cheap food and clothing:<\/strong>&nbsp;&nbsp;We\u2019re spending a lot less on these categories, food at 13% down by half and clothing at 3% down by 2\/3 since 1950.&nbsp;&nbsp;This is mostly a function of mass production in agriculture and textiles driving down costs.<\/li><li><strong>Big jump in retirement spending, but:<\/strong>&nbsp;&nbsp;This includes both social security and retirement plan\/IRA contributions.&nbsp;&nbsp;This item has increased to 11% of \u201cspending\u201d but is largely replacing the pensions which went away as the burden of retirement savings shifted to workers.&nbsp;&nbsp;As we\u2019ll see in later posts, it\u2019s not enough.<\/li><li><strong>Healthcare costs rising<\/strong>:&nbsp;&nbsp;It\u2019s risen from 5% to 8% of the budget in the past 20 years.&nbsp;&nbsp;<\/li><li><strong>It\u2019s not much different for the affluent<\/strong>:&nbsp;&nbsp;If you look at the data for households with the top 10% of income, while they\u2019re spending a lot more ($143K\/year vs. $60K for the average household), the percentages on the different categories are very similar.&nbsp;&nbsp;The one large difference is that they\u2019re putting 16% of their budget toward retirement savings.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"text-decoration: underline;\">Implications<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In one sense, the findings above about the trend in American spending shouldn\u2019t surprise \u2013 anyone managing their own budget probably is dealing with big mortgages or rent payments, spends a lot on cars, and is paying more than they used to for health care.&nbsp;&nbsp;However, this foundational data sets the perspective for future analyses which will look at how to help Americans improve their financial situation.&nbsp;&nbsp;If you want to counsel a customer on how to save more money, it\u2019s unlikely that cutting back on their morning latte\u2019 or a pair of shoes will make a big dent in their finances; you\u2019ll have to focus on the bigger expenses.&nbsp;&nbsp;&nbsp;We\u2019ll explore much of this in future posts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"text-decoration: underline;\">The small print<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">All this data is from the Bureau of Labor Statistics Consumer Spending survey.&nbsp;&nbsp;1950 and 1997 are from&nbsp;<a href=\"https:\/\/www.bls.gov\/opub\/100-years-of-u-s-consumer-spending.pdf\">100 Years of Consumer Spending<\/a>&nbsp;and 2017 is from&nbsp;<a href=\"https:\/\/www.bls.gov\/opub\/reports\/consumer-expenditures\/2017\/pdf\/home.pdf\">Consumer expenditures in 2017<\/a>.&nbsp;&nbsp;&nbsp;To adjust the total budget amount for inflation I used the&nbsp;<a href=\"https:\/\/www.bls.gov\/data\/inflation_calculator.htm\">BLS CPI inflation calculator<\/a>&nbsp;and calculated the budgets in 2017 dollars.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/market-wisdom.com\/index.php\/sign-up-for-cool-weekly-insights\/\">Sign up for the weekly insight email!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Background If you need to work with your clients on their finances, it\u2019s important to understand the trend in American spending.&nbsp;&nbsp;We know that households\u2019 spending has changed over time, but how?&nbsp;&nbsp;This analysis looks at the Bureau of Labor Statistics\u2019 Consumer Expenditures study; to get a sense of change, it includes 1950, 1997 (the closest date &hellip; <a href=\"https:\/\/market-wisdom.com\/index.php\/2019\/10\/10\/the-trend-in-american-spending-chasing-the-american-dream\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The trend in American spending &#8212; chasing the American Dream&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,1],"tags":[],"class_list":["post-41","post","type-post","status-publish","format-standard","hentry","category-how-americans-spend","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The trend in American spending -- chasing the American Dream<\/title>\n<meta name=\"description\" content=\"The trend in American spending since 1950 shows that households are spending dramatically more on housing, and less on clothing and food.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/market-wisdom.com\/index.php\/2019\/10\/10\/the-trend-in-american-spending-chasing-the-american-dream\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The trend in American spending -- chasing the American Dream\" \/>\n<meta property=\"og:description\" content=\"The trend in American spending since 1950 shows that households are spending dramatically more on housing, and less on clothing and food.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/market-wisdom.com\/index.php\/2019\/10\/10\/the-trend-in-american-spending-chasing-the-american-dream\/\" \/>\n<meta property=\"og:site_name\" content=\"Winning with the financial services consumer\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-10T21:32:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-09-25T23:22:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/market-wisdom.com\/wp-content\/uploads\/2019\/11\/coins-1015125_1920-1024x683.jpg\" \/>\n<meta name=\"author\" content=\"Paul Peterzell\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Paul Peterzell\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/market-wisdom.com\\\/index.php\\\/2019\\\/10\\\/10\\\/the-trend-in-american-spending-chasing-the-american-dream\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/market-wisdom.com\\\/index.php\\\/2019\\\/10\\\/10\\\/the-trend-in-american-spending-chasing-the-american-dream\\\/\"},\"author\":{\"name\":\"Paul Peterzell\",\"@id\":\"https:\\\/\\\/market-wisdom.com\\\/#\\\/schema\\\/person\\\/2d29e9fa6e75d8179946e55eed0acfa8\"},\"headline\":\"The trend in American spending &#8212; 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