How Much Money Does The Average Person Spend In A Year

One and only of the first things you want to understand before opening whatsoever business is your target audience—more specifically, their spending capacity.

With nearly $850 billion in ecommerce sales expected in 2022, the United States market definitely shows potential. So how much does the average American spend per annum?

According to the a la mode statistics, the average yearly expenses of a US consumer in 2022 is $63,036 . This averages to $5,253 per month.

This represents a 3.0 percent growth from 2022, during which average consumer spending in the US was $61,224. In comparison, outlay increased 4.8 percent from 2022 to 2022 and 1.9 percent from 2022 to 2022.

The average annual American outlay has risen steadily over the noncurrent few years. In 2022, the average yearly expenses of a US consumer was $55,978. That agency that in just four years, US consumers increased their average annual outgo by 12.6 percent, which is an average yearly increase rate of 3.15 percent.

Interestingly, the rate of increase in mediocre consumer outlay in the US is slower than the rate of increase in income. From 2022 to 2022, the average U.S. consumer income rose from $69,627 to $82,852—a 19 per centum overall increase and an average period growth grade of 4.7 percentage.

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Ordinary Consumer Spending: Top Expenses

US consumers' biggest expenditure is connected lodging. In 2022, the typical US consumer spent $20,679 on housing, which covers expenses on both owned and rented dwellings, housing utilities, operations, supplies, as well as all furnishings and equipment. This represents 32.8 percent of their average period expenses and a 2.9 percent twelvemonth-concluded-year increase.

US consumers' moment-highest expense is transportation. Of the average yearly expenses in 2022, $10,742, or 17 percent, is fatigued happening transportation. This includes vehicle purchases, gasolene, public transportation, and other related expenses.

The 3rd-biggest expenditure is food. The intermediate US consumer spent $8,169 on solid food in 2022, 3.1 percent more than they did in 2022. This is followed by personal insurance and pensions, on which $7,165 is spent.

In total, the top three expenditures of US consumers in 2022, housing, Department of Transportation, and food, add equal to $39,590—or 62.8 pct of their intermediate yearly expenses.

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