By Cheryl Russell, New Strategist Publications
It is not easy to figure out what Americans do with their money. First, you have to ask enough people so that the answers are statistically representative. Second, those you ask must keep tedious track of their spending. Third, the data must be organized into meaningful categories or the details will overwhelm.
Fortunately, the Bureau of Labor Statistics does all of this with the Consumer Expenditure Survey, an annual data collection effort that reveals who spends how much on what. For more than ten years, New Strategist has been tracking CEX results to uncover trends in household spending. The latest findings reveal an aging population that responds eagerly to technological change, but also pinches pennies to cover the rising cost of a middle-class lifestyle. Here are the top ten trends, category by category.
Published at the Small Business Trends blog.
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