{"id":417,"date":"2022-02-24T21:38:11","date_gmt":"2022-02-24T21:38:11","guid":{"rendered":"https:\/\/market-wisdom.com\/?p=417"},"modified":"2022-08-15T16:27:05","modified_gmt":"2022-08-15T16:27:05","slug":"6-reasons-your-spending-is-the-highest-ever","status":"publish","type":"post","link":"https:\/\/market-wisdom.com\/index.php\/2022\/02\/24\/6-reasons-your-spending-is-the-highest-ever\/","title":{"rendered":"6 reasons your spending is the highest ever"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Background<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The pandemic didn\u2019t slow spending \u2013 it jacked it up massively!&nbsp;&nbsp;After the first quarter of lockdown in April-June 2020, personal consumption spending has consistently been climbing.&nbsp;&nbsp;It is now at the highest level\u2026ever.&nbsp;&nbsp;Certainly, the federal stimulus has been a big factor.&nbsp;&nbsp;Even airlines and hotels are rebounding to near historic levels; but if you look at the data you\u2019ll learn the 6 reasons your spending is the highest ever.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The main comparison here is the fourth quarter of 2021 to the fourth quarter of 2019.&nbsp;&nbsp;I\u2019ve also shown the nadir of spending \u2013 the second quarter of 2020 \u2013 as a comparison point.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Findings&nbsp;<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2022\/02\/2021-Q4-BEA-spend-largest-growth.png?resize=813%2C581&#038;ssl=1\" alt=\"\" class=\"wp-image-419\" width=\"813\" height=\"581\" srcset=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2022\/02\/2021-Q4-BEA-spend-largest-growth.png?resize=1024%2C732&amp;ssl=1 1024w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2022\/02\/2021-Q4-BEA-spend-largest-growth.png?resize=300%2C214&amp;ssl=1 300w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2022\/02\/2021-Q4-BEA-spend-largest-growth.png?resize=768%2C549&amp;ssl=1 768w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2022\/02\/2021-Q4-BEA-spend-largest-growth.png?w=1100&amp;ssl=1 1100w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2022\/02\/Quarterly-spend-Dec-2021.png?resize=840%2C600&#038;ssl=1\" alt=\"\" class=\"wp-image-420\" width=\"840\" height=\"600\" srcset=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2022\/02\/Quarterly-spend-Dec-2021.png?resize=1024%2C732&amp;ssl=1 1024w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2022\/02\/Quarterly-spend-Dec-2021.png?resize=300%2C214&amp;ssl=1 300w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2022\/02\/Quarterly-spend-Dec-2021.png?resize=768%2C549&amp;ssl=1 768w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2022\/02\/Quarterly-spend-Dec-2021.png?w=1100&amp;ssl=1 1100w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>#1 &#8212; On the road again:&nbsp;&nbsp;&nbsp;<\/strong>Car purchases and gasoline combined represent a $243 billion annualized growth in spending vs. 2019.&nbsp;&nbsp;&nbsp;Two big factors emerge.&nbsp;&nbsp;One is spending on gas; while miles driven last year only rebounded to be&nbsp;<a href=\"https:\/\/www.reuters.com\/world\/us\/us-driving-soars-2021-up-112-2021-2022-02-18\/\">on par with 2019<\/a>, gas prices are&nbsp;<a href=\"https:\/\/ycharts.com\/indicators\/us_gas_price\">up 30%<\/a>.&nbsp;&nbsp;And while new cars are hard to come by, used car sales were up over $100 billion!<\/li><li><strong>#2 &#8212;&nbsp;&nbsp;Eating:&nbsp;&nbsp;&nbsp;<\/strong>Yes, we spent more on groceries when the lockdown started \u2013 up 12% in 2020 Q2 \u2013 but this kept rising to a 21% jump by end of 2021.&nbsp;&nbsp;On top of that, we not only returned to dining out with a vengeance \u2013 we\u2019re actually spending more now than before the pandemic!&nbsp;&nbsp;&nbsp;In total we\u2019re spending almost $300 billion more a year on what we literally consume.&nbsp;&nbsp;Note groceries includes alcohol \u2013 which saw spending grow at the same rate as food products.<\/li><li><strong>#3 \u2013&nbsp;Housing:&nbsp;&nbsp;<\/strong>House prices and rental prices&nbsp;<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-04\/in-sizzling-u-s-housing-market-normal-is-a-long-way-off\">are climbing<\/a>.&nbsp;&nbsp;On top of that, utilities are more expensive with electricity and natural gas both up 11%.<\/li><li><strong>#4 \u2013 Health care:&nbsp;&nbsp;<\/strong>Fear of COVID stopped many of us from going to the doctor in 2020 Q2.&nbsp;&nbsp;This was the biggest spending drop, at over $500 billion.&nbsp;&nbsp;But we\u2019re back to normal, even beyond, as we are now spending $126 billion more than pre-pandemic&nbsp;&nbsp;medical care.&nbsp;&nbsp;With the cost of care rising only&nbsp;<a href=\"https:\/\/www.usinflationcalculator.com\/inflation\/health-care-inflation-in-the-united-states\/\">2.5%\/year<\/a>, this suggests we are in fact getting more care.<\/li><li><strong>#5 \u2013 Home furnishings:&nbsp;&nbsp;<\/strong>Is there anyone who didn\u2019t have a lockdown project to improve their home?&nbsp;&nbsp;In addition to home furnishings, this category also includes appliances, dishware, and tools, with every category up about 30%.&nbsp;<\/li><li><strong>#6 \u2013&nbsp;Clothing:&nbsp;&nbsp;<\/strong>Sure, we all stopped shopping at the start of the pandemic.&nbsp;&nbsp;Besides, who needs nice pants for a Zoom call?&nbsp;&nbsp;Yet\u2026we\u2019re up $80 billion\/20% vs. pre-pandemic levels.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Implications<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Obviously, at a macroeconomic level, we face a big question regarding if the country can sustain the red hot economy of spending.&nbsp;&nbsp;At an individual level, we each face the question of if we are over spending when we may want to save and prepare for the inevitable recession.&nbsp;&nbsp;Taking on higher mortgages and car payments, not to mention credit card bills, present real financial risks for many Americans.&nbsp;&nbsp;The savings rate has dropped dramatically \u2013 a subject for the next post.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The data above suggests other problems that are evolving.\u00a0\u00a0Big spending on food means bigger waistlines.\u00a0\u00a0Half of Americans\u00a0<a href=\"https:\/\/www.webmd.com\/lung\/news\/20220119\/nearly-half-of-americans-gained-weight-in-pandemics-first-year\">admit to gaining weight<\/a>\u00a0in the first year of the pandemic; does anyone think that number isn\u2019t really a lot higher?\u00a0\u00a0Combined with the\u00a0<a href=\"https:\/\/www.apa.org\/news\/press\/releases\/2021\/10\/mental-health-treatment-demand\">big increase in demand for help from psychologists<\/a>, it appears we are facing a growing health crisis down the road.\u00a0\u00a0Many medical specialties likely will experience an ongoing surge in demand.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em><a href=\"https:\/\/market-wisdom.com\/index.php\/sign-up-for-cool-weekly-insights\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sign up for the weekly insights email<\/a><\/em><\/strong><\/p>\n\n\n\n<p class=\"has-large-font-size wp-block-paragraph\"><strong>The small print<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This data is from the&nbsp;<a href=\"https:\/\/www.bea.gov\/data\/consumer-spending\/main\">Bureau of Economic Analysis<\/a>.&nbsp;&nbsp;They annualize their quarterly data so I\u2019ve reported the annualized number&nbsp;&nbsp;in the category chart and analysis.&nbsp;&nbsp;The total spend data is for each quarter, not annualized.&nbsp;&nbsp;Housing costs include a BEA calculation that imputes the rental equivalent for owned housing so it\u2019s not exactly what you spend (e.g. mortgage, insurance) but is a proxy for that.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Background The pandemic didn\u2019t slow spending \u2013 it jacked it up massively!&nbsp;&nbsp;After the first quarter of lockdown in April-June 2020, personal consumption spending has consistently been climbing.&nbsp;&nbsp;It is now at the highest level\u2026ever.&nbsp;&nbsp;Certainly, the federal stimulus has been a big factor.&nbsp;&nbsp;Even airlines and hotels are rebounding to near historic levels; but if you look at &hellip; <a href=\"https:\/\/market-wisdom.com\/index.php\/2022\/02\/24\/6-reasons-your-spending-is-the-highest-ever\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;6 reasons your spending is the highest ever&#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-417","post","type-post","status-publish","format-standard","hentry","category-how-americans-spend","category-uncategorized"],"yoast_head":"<!-- This site is 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