Chart Pack: U.S. Consumer Spending & Inflation Data August 2023

This chart pack provides a curated summary of Morning Consult’s proprietary Economic Intelligence data on U.S. consumer spending and inflation. 

Following two months of strong growth, Morning Consult’s measure of consumer spending declined slightly in July. Total average consumer spending fell by a modest 1.2% month over month, after growing 7.1% in June and 6.1% in May.

Chart Pack highlights:

• Consumer spending retracted slightly in July as middle- and high-income consumers pulled back from their large increases in the previous two months.
• Spending on retail categories continued to grow, especially for apparel and home furnishing, led by Gen Z and millennial consumers. 
• Household finances flashed mixed signals in July — while credit card balances increased, incomes exceeded expenses for most consumers.
• Home price growth in the South and West limits consumers’ ability to trade down to cheaper alternatives.