The average yearly expenses of a US consumer in 2022 hit $72,967, an increase that reflects a 19% rise from 2020, indicating significant growth in spending.
Between 2020 and 2022, average consumer spending in the US rose more rapidly than income, with a growth rate of 9.1% versus 5.6% for income.
Housing remains the largest expenditure for US consumers, accounting for 33.3% of average yearly expenses in 2022, highlighting the critical nature of shelter costs.
Transportation and food follow housing as the major expenses for US consumers, emphasizing the essential nature of these categories in the average consumer budget.
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