SCE HOUSEHOLD SPENDING SURVEY - The median reported year-over-year increase in monthly nominal household spending edged down to 4.5 percent in April from 4.6 percent in December, remaining well above pre-pandemic levels. The decline was driven by those with household incomes under $100,000.
- The share that reported making a large purchase on electronics, home appliances, furniture, homes, vehicles, and vacations decreased in April, while the share reporting spending on home repairs increased slightly.
- The median expectation for overall nominal spending growth over the next twelve months increased to 3.3 percent in April from 3.0 percent in December. The increase was driven by those with at least some college education and those with annual household incomes over $50,000.
- The median expected year-ahead growth in everyday essential spending, or daily living expenses related to what one absolutely needs, increased to 4.9 percent in April from 4.1 percent in December. The median expected growth in non-essential spending decreased from 1.5 percent in December to 1.0 percent in April, the lowest such reading since August 2020.
About:
The SCE Household Spending Survey is fielded every four months as a rotating module of the Survey of Consumer Expectations (SCE). The data are updated online as results come in.
