2021年美国消费者支出报告（英）-65页_7mb

U.S. Consumer Spending Report Summary (December 2021)

Core Content

The U.S. Consumer Spending Report for November 2021 highlights a continued shift in spending patterns, with households reducing expenditures on staple goods and services while increasing spending on discretionary categories like travel, apparel, and personal care. Despite rising incomes, elevated inflation and lingering supply shortages have kept overall spending relatively flat compared to October. The report draws on data from Morning Consult Economic Intelligence, reflecting over 11,000 daily economic surveys across the 15 largest global economies.

Main Trends

• Shift to Discretionary Spending: With increased incomes, consumers are reallocating funds from essential categories to discretionary ones, especially travel, personal care, and apparel.
• Housing Spending Decline: Housing expenditures fell by 2.6% in November, driven by affordability issues, particularly among suburban, higher-income adults. Missed payments and moves increased as prices became less affordable.
• Flat Price Expectations: Despite a slight increase in the share of potential home sellers, price expectations for housing remained flat, indicating a possible stabilization in the market.
• Utilities Spending Stability: Mild weather reduced heating costs, keeping utilities spending stable. A mild December is expected to continue this trend.
• Grocery Spending Decline: Grocery spending fell for the third consecutive month, with food prices up 6.4% year-over-year. While shopping trips increased, overall spending did not, due to ongoing supply chain issues.
• Restaurant Spending Decline: Higher menu prices and inflation concerns led to reduced restaurant spending, even as dining frequency increased slightly.
• Vehicle Ownership and Spending: Vehicle ownership decreased, especially among millennials and Gen Xers, as prices and affordability concerns rose. Public transportation spending increased as an alternative.
• Telecommunications Spending: Spending on phone, internet, and TV services remained stable but at a higher level than previous months. Older adults, white individuals, and parents spent more on these services.
• Apparel and Personal Care: Apparel spending rose, particularly among younger generations, while personal care services saw increased spending, especially among women and lower-income adults.

Key Information

• Income Trends: Average reported incomes increased in November, driven by rising employment and wages. However, this growth lagged behind inflation.
• Demographic Spending: Higher-income adults and certain demographics (like Gen X and baby boomers) spent more on housing and other categories. Lower-income groups had less flexibility for discretionary spending.
• Regional Differences: The Midwest was the only region to report increased grocery spending, while the West and South saw declines. Suburban areas were most affected by the drop in housing costs.
• Future Outlook: Consumer expectations for increased spending in December were higher than in November, but concerns over inflation and affordability remain. Continued improvements in supply chains may ease some pressures, but price growth is still expected to influence spending behavior in 2022.

Methodology

The report is based on Morning Consult Economic Intelligence, a high-frequency dataset of over 11,000 daily economic surveys. It provides insights into consumer behavior across various categories and demographics, helping businesses and investors understand shifting demand and spending patterns. The data includes comparisons to previous months and years, as well as regional and generational breakdowns.

Summary Table

This report underscores the complex interplay between income, inflation, and supply chain issues in shaping U.S. consumer spending behavior. As the economy continues to recover, these trends suggest a gradual shift in priorities and spending habits across different demographics and regions.