Consumer Spending Stats: Do You Spend More Than The Average American?

in Financial Planning by

KEY POINTS
  • 60% of Americans say they aren’t prepared if a recession were to hit.
  • Americans spent most money on travel and food in the past year.
  • Cook food at home, ride with Uber instead of yellow cabs, and shop at Macy’s over Nordstrom.

Hoping to retire some day and think buying that $5 latte every morning doesn’t matter?

By itself it probably won’t make much of a difference. But, when you add it to how much you spend at Whole Foods every month, grabbing an Uber home from happy hour instead of taking the subway, treating yourself to that Starbucks breakfast sandwich every morning, and dining out 3 times every week, it starts to take a big chunk out of your saving potential. 60% of Americans report that they won’t be prepared for an economic downturn, making it even more important to take control of your everyday spending now.

That’s why we released our inaugural State of Spending Report, to bring awareness to spending trends across the country and by generation. It is our hope that with a little more attention to incremental daily spending, more Americans will take the necessary steps to secure the retirement they dream of. Check out what we discovered about how folks are spending across the country:

State Of Spending Infographic - Trends - body

Try Personal Capital To Track Your Spending

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Marianne Ahlmann

Marianne Ahlmann

Marianne is Communications and Content Manager at Personal Capital.

9 comments

  1. Rebekah

    Fascinating insights! Fortunately I am not a coffee drinker so I spend $0/month on caffeine. I’m also surprised by the monthly clothing expenditure. Almost $1000/year on clothes at Nordstrom is more than three times what I typically spend on clothes a year.

    Reply
    • Chris

      My Daughter works at Starbucks, so my Coffee is free.

      Reply
    • James Robert

      Rehekah, I presume you are already spoken for since any women who spends less than $350 a year on clothes could have a date every night of the week.

      Reply
    • S J

      So what do you wear? 1000$ doesn’t even cover a pair of shoes.

      Reply
    • Peter

      I’m not sure that’s what the graphic is showing. It’s not clear, but my interpenetration of it is that people who shop at Nordstrom spend $83/month at Nordstrom, not $83/month on all their clothing purchases. I think the point is that people who shop at Nordstrom and Bloomingdale’s spend more at those stores than at Macy’s. Which isn’t terribly surprising since the clothing at those stores tends to be more expensive than the clothing at Macy’s.

      Reply
  2. Chinwe

    Great infographic with tons of useful information! Time to invest in Nordstrom/Bloomingdales– stock that is ๐Ÿ™‚

    Reply
  3. Austin H

    I think you should make it a little more clear that this data is from PerCap users and not America as a whole. It wouldn’t make sense to do an average shoe size for America based on folks that work in the NBA, nor would it be appropriate to look at average time on the phone per day for America from a group of telemarketers.

    Reply
  4. Fred

    What a bunch of hooey, regarding the clothing data. You can spend $83 on socks and underwear at Nordstroms and Bloomingdales. This is ridiculous. If you are only spending $1000 a year on clothing you will not be doing it at these two stores. And Starbucks. Give me a break. You can spend $17 in a couple of days. Where did you get these figures. You must have gotten them from college kids.

    Reply
  5. origbless

    One of my best-dressed friends buys clothing only at thrift stores. She always looks stunning.
    She puts me to shame.

    Reply

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