SCE HOUSEHOLD SPENDING SURVEY - The median reported year-over-year increase in monthly nominal household spending edged down to 4.6 percent in December from 5.0 percent in August, remaining well above pre-pandemic levels. The decline was broad-based across age and income groups and was largest for respondents with annual household incomes below $50,000 and those without a college degree.
- The share reporting making a large purchase on electronics, home appliances, furniture, homes, and vehicles increased in December, while the share reporting spending on home repairs and vacations decreased. The share reporting spending on home repairs reached the lowest level since April 2020.
- Median expected monthly overall spending growth over the next twelve months remained unchanged at 3.0 percent in December. The current reading remains well above the 2.4 to 2.6 percent levels seen during 2019, prior to the pandemic.
- The median expected year-ahead growth in everyday essential spending, or daily living expenses related to what one absolutely needs, decreased to 4.1 percent in December from 4.4 percent in August. The median expected growth in non-essential spending also decreased to 1.5 percent in December from 2.0 percent in August. Both readings are the lowest since 2020.
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The SCE Household Spending Survey is fielded every four months as a rotating module of the Survey of Consumer Expectations (SCE). The data are updated online as results come in.
