US Consumer Spending Trends And Outlook, 2023

May 24th, 2023

Jitender Miglani Principal Forecast Analyst

With contributors:

Fiona Swerdlow , Dipanjan Chatterjee , Taylor Hansen

US consumer spending makes up more than two-thirds of the US economy, according to the US Bureau of Economic Analysis. In 2022, US consumers spent $17.4 trillion on goods and services, with $11.4 trillion (66%) spent on services and $5.9 trillion (34%) spent on goods. The top five categories made up 55% of total US consumer spending in 2022. This report provides details on US consumer spending by category and how it has changed over time; it also discusses how inflation has impacted consumer spending and provides Forrester’s outlook on consumer spending in 2023.

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