Consumer Spending Shifted to Discretionary Categories in Nov.: Report
Consumers’ average spending changed little in November from October, but they continued to reallocate purchases away from staple goods and toward transportation and other discretionary categories, said a Thursday report by Morning Consult. Spending on phone, internet and TV was…
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stable in November, rising by less than $1 from the previous month. Boomers and Gen Xers, more likely to pay for cable TV services, spent more in November, while younger generations likely allocated TV spending toward less expensive streaming services, it said. Household income grew 2.7% year on year in November, “considerably lagging the pace of inflation,” 6.8% for the month. Continued employment growth and job switching are likely to continue to drive up wages to match the pace of price growth, it said. Spending tracks closely with income, leading to what it expects to be “robust demand” heading into 2022.