![]() For example, even though the average household consumed only 13% more healthcare in 2020 than in 1993, the proportion of their total budget allocated to healthcare almost doubled. In 2020, the average household bought 60% fewer books, magazines, and newspapers than they did in 1993.īut for some items, households are spending more not because they are consuming more of those items, but because prices increased. It’s not that reading materials got cheaper (prices for reading materials rose in line with the overall price level), but - maybe driven by the shift of reading material to the internet - households consumed less of it. ![]() Similarly, changes in preferences explain the 31% drop in household spending on reading. In other words, households are spending a greater portion of their budgets on fruits and vegetables because they are eating more of them, not because they cost more. Prices for fruits and vegetables did increase, but the growth in prices was roughly in line with price changes overall. In 2020, the average household consumed almost 30% more fruits and vegetables than in 1993. Most of this increase was driven by households literally buying more fruits and vegetables. As a share of total household spending, this was an increase of 14% since 1993. Other items commonly found in household budgets include. ![]() The shifts in household spending are due to changes in what people are buying and the prices they pay for those goods and services.įor example, the average household spent almost $350 on fresh fruits and vegetables in 2020. Many Americans spend a pretty penny each month to keep a roof over their heads, food on the table and a means of transportation. What’s driving the changes in household spending?
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