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Economics

U.S. Consumer Spending & Household Finances: March 2024

Report summary

Despite continued growth in real incomes promoting relative stability in household finances, consumer spending retreated slightly in February. The spending pullback coincided with an uptick in price sensitivity last month. Even with slower inflation, the high cost of living—exacerbated by elevated interest rates—is forcing some consumers to pick and choose among spending priorities.

Key Takeaways

  • Elevated living costs and growing debt burdens are leading some consumers to cut back on spending.
  • Services categories play a vital role in spending growth, with high earners and younger adults among the most likely to prioritize discretionary experiences.
  • Monthly debt obligations have increased from a year ago, with parents and low earners among the groups experiencing the most acute impacts.

Data Downloads

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Trended Data File (spending by category)
Pro+
A sortable xlsx file of survey results, including all historical waves, among a subset of Morning Consult’s standard demographics
xlsx
546Kb
Trended Data File (spending by demographic information)
Pro+
A sortable xlsx file of survey results, including all historical waves, among a subset of Morning Consult’s standard demographics
xlsx
551Kb
Trended Data File (consumer credit and household finances)
Pro+
A sortable xlsx file of survey results, including all historical waves, among a subset of Morning Consult’s standard demographics
xlsx
1Mb
About Pro+
A brief outline of what datasets are included in Morning Consult Pro+
pdf
1 Bytes

About the authors

A headshot photograph of Kayla Bruun
Kayla Bruun
Lead Economist

Kayla Bruun is the lead economist at decision intelligence company Morning Consult, where she works on descriptive and predictive analysis that leverages Morning Consult’s proprietary high-frequency economic data. Prior to joining Morning Consult, Kayla was a key member of the corporate strategy team at telecommunications company SES, where she produced market intelligence and industry analysis of mobility markets.

Kayla also served as an economist at IHS Markit, where she covered global services industries, provided price forecasts, produced written analyses and served as a subject-matter expert on client-facing consulting projects. Kayla earned a bachelor’s degree in economics from Emory University and an MBA with a certificate in nonmarket strategy from Georgetown University’s McDonough School of Business. For speaking opportunities and booking requests, please email [email protected]

A headshot photograph of Sofia Baig
Sofia Baig
Economist

Sofia Baig is an economist at decision intelligence company Morning Consult, where she works on descriptive and predictive analysis that leverages Morning Consult’s proprietary high-frequency data. Previously, she worked for the Federal Reserve Board as a quantitative analyst, focusing on topics related to monetary policy and bank stress testing. She received a bachelor’s degree in economics from Pomona College and a master’s degree in mathematics and statistics from Georgetown University.

Follow her on Twitter @_SofiaBaig_For speaking opportunities and booking requests, please email [email protected]