State of the consumer State of the consumer\images\insights\article\grocery-checkout-small.jpg March 1 2022 March 1 2022

State of the consumer

Where is consumer spending going?

Published March 1 2022
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State of the Consumer infographic alt text Title: State of the Consumer Published: Friday, February 25 State of the consumer. Spending was up 11% in January 2022 from January 2021. Since 2019, online consumer spending increased 25.2% for sporting goods, books and music and increased 95.0% for food and beverages. Personal spending in the last 3 months of 2021 grew 3.3%. Credit card applications have risen to pre-pandemic levels. Applications were at 30.6% in October 2018, 27.2% in October 2019, 15.7% in October 2020 and have increased to 26.5% in October 2021. Household wealth up $25 trillion since March 2020 nearing almost $2.5 trillion in excess savings. 70% of the United States gross domestic product is consumer spending. Information Sources: Federated Hermes, January 2022; The Wall Street Journal, December 2021; U.S. Census Bureau, January 2022; Pittsburgh Post-Gazette, January 2022; Chase Bank, October 2021.