Summary
Consumer spending continues to grow but at a pace weaker than the prior year. Many categories classified as goods by the US Bureau of Economic Analysis (BEA) have seen expenditure trending down because of strong deflation, despite volume growth. Services (like travel and streaming) have a higher growth rate than goods but have seen a slight pricing and volume downtrend over 2023. B2C marketing executives can use this report and BEA data to assess consumer spending and sentiment to shape their growth strategies.
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