27+ Consumer Spending Statistics: A Must Know for Business

Consumer spending in the United States has a major impact on the economy.

But how much do US consumers actually spend?

With that question in mind, we’ll cover some key statistics on consumer spending to get valuable insights into economic health and consumer behavior trends.

Consumer Spending Statistics: Key Numbers

In the first quarter of 2024, US consumer spending reached an all-time high of $15.67 trillion.
In 2022, there was a 9.0 percent rise in consumer spending.
Over the period from 2021 to 2024, spending by black consumers is projected to increase by 12.5%.
Teens spend a total of $259 billion annually.
On average, single men spent $41,203 per year, compared to $38,838 spent by single women.
The average individual spends approximately $161 each month on clothing.
Average American family spends $1,700 on clothes annually.
Americans spend $779 on food each month, with nearly two-thirds ($475) going towards groceries and the remaining amount ($303) on dining out.

Sources: (BLS, Trading Economics, CreditDonkey, LendingTree, The Motley Fool

Black Consumer Spending Statistics

The economic influence of black consumers is steadily growing in the U.S. market. Over the span from 2021 to 2024, spending by black consumers is forecast to increase by a substantial 12.5%.

Moreover, by 2024, the spending power of black individuals in the U.S. is set to touch an impressive $1.8 trillion.

Spending by black consumers is expected to rise by 12.5% over the next three years (2021-2024).
Black consumer spending is growing at a rate of 5% per year, faster than overall US consumer spending growth of 3%.
Black spending power reached a record $1.6 trillion in 2021, as per latest data.
By 2024, black people’s spending power in the U.S. is expected to reach $1.8 trillion.
In 2019, black households accounted for just under 10% of total national spending on goods and services.
The average Black family spent 91.1% of their income on consumption in 2018–2019.
The average Black household spends $36,149 on goods and services, more than other minority groups and the national median.
Black consumers spend 9 times more on hair and beauty products.
Black consumer buying power is projected to reach $1.8 trillion by 2024.
In 2021, black spending power reached $1.6 trillion.
Black households spend an average of $36,149 per year, accounting for 79.8% of their pre-tax income.
Over the last two decades, black households’ spending has increased by 5% per year.
In 2019, Black households accounted for nearly 10% of total US spending on goods and services.
The media consumption of black consumers is 13.4% higher than the national average.
Compared to 26% of the population, 52% of Black people find in-store shopping relaxing.
Every year, black consumers spend $50 billion on electronics.
Black people were 42% more likely to respond to mobile ads than the rest of the American population.

Sources: (Frank Holland, Nielseniq, McKinsey & Company, Wharton School of the University of Pennsylvania)

Teenage Spending Statistics

The average teenager spends $2,391 per year according to the “Taking Stock with Teen” research reports.
Total $259 billion teens’ spend annually. (MarketingVOX/Rand Research Center Reports)

Teens spend a total of $259 billion annually.

Upper income teens spend on clothes adds up to nearly $1,100 annually.
On average, teenager spends $2150 in 2020 and that’s due to pandemic.
93% of parents say their children influence family and household purchases.
Teens who work make an average of $460 per month to spend on top of what their parents shell out
The Gen Z age group reports having spent less money in 2020 than any other year of the past two decades.
Clothing accounts for 21% of Teens budget which is highest in category. (Piper Jeffery Reports)
Food is 2nd most spending category which is 20% of their spending.
Upper income teens spend on clothes adds up to nearly $1,100 annually.
10% of teen spending goes to Shoes.
Over 50% teens shop from Amazon when compare to Walmart, Target, Macys (Piper Jeffery Reports)
83% teen have iPhone which means shopping from mobile device.

Male vs Female Spending Statistics

Men spend 47% more on purchases than women, and 75% more in-store.
Men shop online more frequently than women. 24% of men shop online at least daily, compared to 17% of women.
70% of men shop online weekly, compared to 57% of women.
60% of respondents who identified themselves as primary shoppers in their household were women, while 50% were men.

Average Annual Spending of Single Men vs. Single Women

Men spend 75% more on goods bought in-store than women.
61.3% of shoppers are women, and 38.7% are men.
Women account for 85 percent of all consumer-buying decisions contributing an astounding $15 trillion to the economy, hold more than 60 percent of all personal wealth. (Forbes, Federal Reserve, Gallup, BusinessWeek, MassMutual Financial Group)
Single men outspent single women, but only by a slight margin. Men spent an average of $35,018 a year while women spent $33,786.
Women Controls over $31.8 trillion dollars in worldwide spending. (Catalyst)
38% of men and 36% of women are likely to spend more on goods from online marketplaces
Women on average spend out $323 per month for groceries, whereas men averaged $290.
Men spend on average $21 for lunch while women hover around $14.
An average person spends $161 per month on clothes with women spending 76% more than men per year.
Men spend almost twice as much as women on vehicle purchases ($1,670 per year compared to $2,900 per year, on average).
Men spent an average of $835 on “audio and visual equipment and services” but only $206 caring for pets. Women, by contrast, spent $725 on their home theatres and $488 on their pets.
During the time period of age 18 to 44, health spending for females is 84% higher than for men for years.
They discovered that 68 percent of ladies have spent money on these items online, while men have spent 52 percent of their money.

Sources: (Charged Retail, Sage Seller, Forbes, Jungle Scout, Performance Marketing World, Zippa)

Money Spent on Clothing Statistics

Average person spending about $161 per month on clothing.
Average American family spends $1,700 on clothes annually, according to the Bureau of Labor Statistics.
U.S. apparel industry today is a $12 billion business.

By 2025, global clothing market project to grow to $2.25 trillion dollars.
American women spend about $2,000 per year on clothing. (ValuePenguin)
The clothing industry holds the first position in e-commerce sales globally.
The market for Footwear and clothing is projected at 3.3 trillion USD by the year 2030.
The apparel market in Canada sold clothing worth $28.04b in the year 2019.

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