CONSUMER EXPENDITURES
Personal Income and Outlays— September 2024
Consumer Price Index Displays Moderate Growth
In the United States, personal income increased $71.6 billion to $24.9 trillion in the 12 months ending September 2024, according to estimates released by the Bureau of Economic Analysis. Disposable personal income, personal income less personal current taxes, increased $57.4 billion to $21.9 trillion and personal consumption expenditures increased $105.8 billion to $20.0 trillion.
Personal consumption expenditures on food and beverage, excluding food service, was $1.49 trillion in September 2024, an increase of 2.1% over September 2023.
From the same month one year prior, the personal consumption expenditures price index (PCE price index) for September increased 2.1%. Prices for goods decreased 1.2% and prices for services increased 3.7%. Food prices increased 1.2% and energy prices decreased 8.1%. Excluding food and energy, the PCE price index increased 2.7% from one year prior.
Real disposable personal income increased 3.1% and real personal consumption expenditures increased 3.1%.
Personal savings were $1 trillion in September 2024 and the personal saving rate—personal savings as a percentage of disposable personal income—was 4.6%.
Current-dollar personal income increased $221.3 billion in the Q3 2024, compared with an increase of $315.7 billion in the Q2 2024. The increase primarily reflected an increase in compensation.
Disposable personal income increased $166.0 billion, or 3.1%, in the Q3 2024 compared with an increase of $260.4 billion, or 5.0%, in the Q2.
Consumer Expenditures by Household—2023
Average annual expenditures for all consumer units (households) in 2023 were $77,280, a 5.9% increase from 2022, the U.S. Bureau of Labor Statistics (BLS) reported. During the same period, the Consumer Price Index for All Urban Consumers (CPI-U) rose 4.1%, and average income before taxes increased 8.3%.
The average annual expenditures for 2023 were broken down into 14 major components. Housing accounted for the largest share of total expenditures (32.9%), followed by transportation (17.0%), food (12.9%), personal insurance and pensions (12.4%), healthcare (8.0%), and entertainment (4.7%).
The largest percent increase in expenditures was in education (+24.0%). The next largest increase was in miscellaneous expenditures (+17.3%), followed by personal care products and services spending (+9.7%). The only major components to decrease from 2022 to 2023 were cash contributions (-13.7%) and tobacco products and smoking supplies (-0.3%).
Selected spending changes, 2023
• Spending on food increased 6.9% in 2023, compared to an increase of 12.7% in 2022. Increases in both food at home (+6.1%) and food away from home (+8.1%) led to this increase in overall food spending.
• Housing expenditures increased 4.7% in 2023, after a 7.4% increase in 2022. Expenditures on rented dwellings and owned dwellings both increased, by 7.6% and 5.7%, respectively. Other lodging also increased 11.1% in this same period.
• Transportation expenditures increased 7.1% in 2023, after an increase of 12.2% in 2022. This increase was driven by a large increase in public and other transportation spending (+29.7%), followed by a 23.2% increase in vehicle purchases. Gasoline spending was down 12.7% in 2023, after a 44.0% increase in 2022.
• Personal insurance and pensions spending increased 9.3% in 2023, after increasing 11.0% in 2022. This was driven by a 9.6% increase in contributions to pensions and Social Security.
• Education expenditures (2.1% of total expenditures) increased 24.0% in 2023, after rising 8.9% in 2022. This increase was driven by a 39.2% increase in elementary and high school tuition, after being unchanged from 2021 to 2022.
Spending by household composition, 2023
Among all consumer unit compositions, single-parent consumer units allocated the highest shares to housing (37.3%) and the lowest shares to personal insurance and pensions (9.0%), healthcare (4.9%), and entertainment (3.8%). In contrast, married couples with children allocated the lowest shares in housing (30.6%) and the highest shares in personal insurance and pensions (15.1%). Compared to other consumer unit compositions, married-couple-only consumer units allocated the highest shares to healthcare (10.0%) and entertainment (5.0%), while having the lowest shares in food (12.2%). Single person and other consumer units allocated the lowest shares to transportation (16.3%).
Spending and income before taxes by income quintile, 2023
Overall spending increased in all five quintiles, with the largest increase in the fourth quintile (+7.3%) and the smallest increase in the second quintile (+2.7%). Four major components of spending—food, housing, personal care products and services, and personal insurance and pensions—all increased for each of the five income quintiles.
Overall, before-tax income increased faster than expenditures in 2023. That is, average annual income before taxes rose 8.3% in 2023, while expenditures increased 5.9%. This general finding held for all income quintiles. The lowest quintile experienced the largest increase in income (+9.9%). The second quintile had the lowest increase in expenditures (+2.7%), along with the second largest increase in income (+8.8%).
This increase in income for all consumer units in 2023 (+8.3%) follows a similarly sized increase in 2022 (+7.5%). Increases in income before taxes ranged from 7.4% for the fourth quintile to 9.9% for the lowest quintile.
WHAT’S IN STORE | 2025
© 2025 International Dairy Deli Bakery Association
Consumer Expenditures
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