Average annual expenditures for all consumer units increased 9.0 percent from 2021 to 2022, similar to the 9.1 percent increase from 2020 to 2021. Among the 14 major components of household spending, the largest percentage increase in expenditures was in cash contributions (14.1 percent). The next largest increase was in food (12.7 percent), followed closely by a 12.3-percent rise in personal care products and services spending, and a 12.2-percent increase in transportation spending. The only major component to decrease from 2021 to 2022 was entertainment (−3.1 percent).
Average household spending on food increased 12.7 percent in 2022, compared to an increase of 13.4 percent in 2021. The increase was driven by food away from home spending, up 20.1 percent, accompanied by an increase in food at home spending, up 8.4 percent. Personal care products and services had the next largest increase over the year, 12.3 percent in 2022, which follows an increase of 19.3 percent in 2021. Transportation expenditures continued to increase over the year, up 12.2 percent in 2022, after an increase of 11.6 percent in 2021.
Entertainment expenditures decreased 3.1 percent in 2022, after exhibiting an increase of 22.7 percent in 2021. This decrease was driven by a 24.5-percent decline in other entertainment supplies, equipment, and services expenditures, which contrasts with the 60.6-percent increase in 2021. Spending on toys, hobbies, and playground equipment also declined from 2021 to 2022 (−16.1 percent). A 27.4-percent increase in spending on fees and admissions partially offset the declines.
These data are from the Consumer Expenditure Surveys. To learn more, see “Consumer Expenditures — 2022.” Consumer units consist of families, single persons living alone or sharing a household with others but who are financially independent, or two or more persons living together who share major expenses.
Article Courtesy of the Bureau of Labor Statistics