SCE HOUSEHOLD SPENDING SURVEY - The median reported year-over-year increase in monthly nominal household spending declined to 4.1 percent in August from 4.5 percent in April, the lowest level since April 2021. The decline was broad-based across age and income groups and largest for those with at most a high school diploma.
- While overall spending growth declined, the share of respondents reporting making any large purchase over the past four months increased to 60.8 percent in August from 53.5 percent in April. The share reporting a purchase of electronics, home appliances, furniture, home repairs, homes, vehicles, and vacations all increased in August.
- The median expected overall nominal spending growth over the next twelve months decreased to 3.0 percent in August from 3.3 percent in April. The decrease was broad-based across age, income, and education groups.
- The median expected year-ahead growth in everyday essential spending, or daily living expenses related to what one absolutely needs, decreased to 4.7 percent in August from 4.9 percent in April. The median expected growth in non-essential spending increased to 1.9 percent in August from 1.0 percent in April.
About:
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.
