Shifting Sands: Consumers Prefer Services
Now that we’ve toured the realm of GDP, let’s take note of the elephant in the castle. Americans are champion spenders. Overall, personal consumption totals about 70 percent of our domestic economy.
According to a March 2019 GOBankingRates study, Americans spend an average $103 a day per person. Much of that goes to housing payments—then there’s getting the kids ready for school and driving to work and making dinner. But we also spend a startling sum on beer and pizza.
Gallup’s final study of consumer spending—the pollster stopped tracking U.S. consumer spending in July 2017—revealed how we dispose of a considerable amount of our disposable income:
• $41.8 billion on fishing trips, $81 billion ...
Get Understanding Economic Equilibrium now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
