Conversely, Americans’ spending on clothing (-3.59%), tobacco and cigarettes (-0.21%), and personal care products/services (0.03%) recorded the lowest increases over the last six years. Conversely, Americans allocated the lowest proportion of their APTHI to reading materials (0.1%), tobacco and cigarettes (0.4%), and alcoholic beverages (0.6%).Īmericans’ average annual household expenditures have increased by a 2.30% CAGR from the end of 2014 until the end of 2020.Īmericans’ spending on cash contributions (4.16%), pensions/insurance (4.0%), and healthcare (3.18%) recorded the highest increases over the last six years. Conversely, Americans’ expenditures on reading materials increased by 23.9% YoY, while spending on homemade meals increased by 6.4% YoY.Īmericans allocated the highest proportion of their average pre-tax household income (APTHI) to housing (25.4%), transportation (11.6%), and food (8.7%).
However, will Americans household expenses likely increase in 2021? And how did the pandemic impact the BLS’ findings? Read on for more information.Īmericans’ average pre-tax income increased by 1.8% YoY in 2020, while Americans’ average household expenditures decreased by 2.7% YoY.Īmericans’ expenditures at restaurants declined by 32.6% YoY in 2020, while alcoholic beverages fell by 17.4% YoY, clothing fell by 23.8% YoY, and public transportation plunged by 66.3% YoY. Bureau of Labor Statistics (BLS) latest Consumer Expenditures Survey shows that Americans’ average pre-tax income increased by 1.8% YoY in 2020, while Americans’ average household expenditures decreased by 2.7% YoY. And while the metric declined year-over-year (YoY), Americans’ average pre-tax household income increased to $84,352.
The results are in, and Americans’ average annual household expenditures totaled $61,334 in 2020.
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