One key factor that affects whether a business is able to expand and by how much is consumer spending trends. Changes in consumers’ expenditure, especially that of a brand’s target market, can significantly and directly impact its sales performance.

Here’s a look at recent US consumer spending statistics so business owners know how they need to adapt their sales and marketing strategies to cater to consumer spending changes.

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US consumer spending statistics

According to recent US consumer spending data, as of October 2022, more than one out of every three consumers expect their total household expenditure to remain constant over the next three months. 34% of consumers surveyed say they foresee “no change” in spending.

The percentage of consumers expecting their household expenditure to stay the same has been generally decreasing over the past couple of years. In June 2021, this figure was 54%, before falling to 49% in December 2021. In March 2022, it dipped to 42% and fell further to 41% in August 2022 and 38% in September 2022.

Even though these latest US consumer spending statistics show that most consumers anticipate no change in their household spending, there remains a significant number of consumers who expect it to rise. In fact, around one in three (34%) say they anticipate total household expenditure to increase in the coming months. More specifically, 23% say spending will likely “increase a little,” while as many as 11% expect it to rise by “a lot.”

In comparison, in January 2022, relatively fewer consumers (26%) said they anticipated an increase in household spending—18% said their expenditure would increase “a little” and 8% said it would increase “a lot.”

On the other end of the spectrum, the current US consumer spending data points to just over one in four (25%) people expecting expenditure to decrease—16% anticipate it will fall “a little,” while 9% say it will drop by “a lot.” 

In other words, over half (59%) of US consumers surveyed in October expect their household expenditure to change in one way or another over the next three months. There are more who anticipate an increase rather than a decrease, while around 7% say they aren’t able to gauge how their spending will change in the following months.

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