From the $18.85 trillion we spend on consumption annually to the $17.5 trillion in debt we carry, America's economy is powered by our wallets, revealing a nation constantly caught between the thrill of the purchase and the weight of the bill.
Key Takeaways
- In 2023, U.S. personal consumption expenditures totaled $18.85 trillion, accounting for 68% of GDP
- Household final consumption expenditure per capita in the U.S. was $56,173 in 2022
- U.S. consumer spending grew by 2.5% in real terms in 2023
- Total U.S. household debt reached $17.5 trillion in Q4 2023
- Credit card debt hit $1.13 trillion in Q4 2023, up 8.4% YoY
- Student loan debt totaled $1.6 trillion in Q4 2023
- U.S. retail sales reached $7.1 trillion in 2023
- General merchandise stores sales $852 billion in 2023
- Grocery store sales totaled $1.02 trillion in 2023
- U.S. e-commerce sales grew 7.6% to $1.07 trillion in 2023
- Amazon captured 37.6% of U.S. e-commerce market in 2023
- Mobile commerce accounted for 60% of e-commerce sales in 2023
- U.S. municipal solid waste generation 292 million tons in 2018
- Paper and paperboard 23.05% of MSW generated, 66 million tons
- Food waste 14.1% of MSW, 63.1 million tons annually
American consumerism is defined by immense spending fueled by and contributing to massive debt.
Advertising Behavior
- U.S. advertising spend $288 billion in 2023
- Digital ad spend $240 billion, 83% of total in 2023
- TV advertising $60 billion in 2023
- Influencer marketing $21.1 billion market in 2023
- Super Bowl ads cost average $7 million per 30 seconds 2023
- 70% of consumers influenced by social media ads
- Programmatic ad buying 85% of display ads in 2023
- Retail media networks spend $50 billion in 2023
- Email marketing ROI $42 per $1 spent
- 90% of consumers influenced by video ads online
- Native advertising spend $12 billion in 2023
- Out-of-home ad spend $8.5 billion recovering 2023
- Ad blockers used by 42% of internet users
- 65% of Americans buy impulsively due to ads
- Brand-sponsored content viewed by 78% weekly
- CTV ad spend $30 billion in 2023
- 55% trust influencer recommendations over ads
Advertising Behavior Interpretation
For all our talk of ad blockers and skepticism, we are a nation that has engineered a $288 billion ecosystem of persuasion, where even the desire to escape advertising has become a profitable niche within the very machine it tries to evade.
Consumer Debt
- Total U.S. household debt reached $17.5 trillion in Q4 2023
- Credit card debt hit $1.13 trillion in Q4 2023, up 8.4% YoY
- Student loan debt totaled $1.6 trillion in Q4 2023
- Mortgage debt stood at $12.25 trillion in Q4 2023
- Auto loan debt reached $1.61 trillion in Q4 2023, up 4.5% YoY
- Average credit card balance per borrower was $6,501 in 2023
- 45% of Americans carry credit card debt month-to-month
- Household debt service ratio was 9.8% in Q4 2023
- Delinquency rate on credit cards rose to 3.2% in Q4 2023
- Student loan delinquency rate at 7.7% 90+ days past due
- Auto loan delinquency hit 1.6% for 90+ days in Q4 2023
- Total revolving debt up 11.2% YoY to $1.08 trillion
- 78 million Americans have subprime credit scores affecting debt access
- Average household debt $103,358 in 2023
- Buy now, pay later debt outstanding $168 billion in 2023
- Personal loan debt averaged $16,091 per borrower
- Mortgage debt-to-income ratio averaged 36% in 2023
- Credit utilization rate averaged 29% in 2023
- 40% of Americans can't cover $400 emergency without debt
- Payday loan debt market $9 billion annually
- Subprime auto loans delinquency at 5.9% in 2023
- Total consumer debt payments $500 billion quarterly in 2023
Consumer Debt Interpretation
Americans have built a towering economy of monthly payments, where the dream of ownership is often just the paperwork for a long-term debt.
Consumer Spending
- In 2023, U.S. personal consumption expenditures totaled $18.85 trillion, accounting for 68% of GDP
- Household final consumption expenditure per capita in the U.S. was $56,173 in 2022
- U.S. consumer spending grew by 2.5% in real terms in 2023
- Durable goods spending increased by 6.8% year-over-year in Q4 2023
- Nondurable goods consumption rose 3.2% in 2023, driven by food and energy
- Services spending, 66% of total PCE, grew 2.1% in 2023
- Holiday season consumer spending hit $955 billion in 2023, up 4% from prior year
- Average U.S. household spent $1,080 on apparel in 2022
- Food and beverages away from home spending averaged $3,639 per household in 2022
- Entertainment spending per household reached $2,748 in 2022
- Housing-related spending consumed 32.9% of after-tax income in 2022
- Transportation spending averaged $9,826 per household in 2022
- Healthcare spending per household was $5,452 in 2022
- Personal care products spending totaled $816 per household in 2022
- Education spending averaged $1,384 per household in 2022
- Cash contributions spending was $2,031 per household in 2022
- U.S. retail e-commerce sales were $1.1 trillion in 2023
- Consumer spending on goods fell 0.1% in December 2023
- Services consumption rose 0.5% in December 2023
- Luxury goods spending by U.S. consumers hit $120 billion in 2023
- Fast fashion spending reached $30 billion annually in U.S.
- Average American spends $2,000 yearly on coffee and snacks
- Pet spending totaled $136.8 billion in 2023
- Toy industry sales hit $29.5 billion in 2023
- Wine and spirits consumption spending $80 billion in 2023
- Streaming services spending averaged $70 monthly per household in 2023
- Gym memberships and fitness apps spending $33 billion in 2023
- Beauty products market size $93 billion in 2023
- Travel spending rebounded to $1.1 trillion in 2023
Consumer Spending Interpretation
America's economic engine is a shopping cart, barreling along at $18.85 trillion on a road paved with streaming subscriptions, fast fashion, and enough coffee to power a small nation, while the fundamental costs of housing and healthcare loom like unavoidable toll booths in the rearview mirror.
E-commerce Growth
- U.S. e-commerce sales grew 7.6% to $1.07 trillion in 2023
- Amazon captured 37.6% of U.S. e-commerce market in 2023
- Mobile commerce accounted for 60% of e-commerce sales in 2023
- Online grocery sales reached $100 billion in 2023
- Fashion e-commerce sales $200 billion in 2023
- Electronics e-commerce $250 billion market in 2023
- 80% of Americans shop online at least monthly in 2023
- Marketplace platforms like Walmart+ grew 20% in sales
- Social commerce sales $75 billion in 2023
- Subscription e-commerce revenue $120 billion
- Voice commerce projected $40 billion by 2023 end
- Cross-border e-commerce $100 billion in 2023
- B2B e-commerce sales $1.7 trillion in 2023
- Average online order value $100 in 2023
- 55% of digital buyers use buy now pay later online
- E-commerce penetration rate 15.6% of total retail in 2023
- Livestream shopping sales $50 billion in 2023
E-commerce Growth Interpretation
Americans have officially turned scrolling and clicking into a trillion-dollar reflex, with nearly everything from groceries to gadgets now funneling through our phones and into Amazon's kingdom.
Retail Sales
- U.S. retail sales reached $7.1 trillion in 2023
- General merchandise stores sales $852 billion in 2023
- Grocery store sales totaled $1.02 trillion in 2023
- Motor vehicle dealers sales $1.5 trillion in 2023
- Nonstore retailers sales up 7.4% to $1.1 trillion
- Food services and drinking places $1.0 trillion in 2023
- Gasoline stations sales $620 billion in 2023
- Building material stores $500 billion in 2023
- Health and personal care stores $380 billion
- Clothing and accessories $280 billion in 2023
- Sporting goods sales $60 billion in 2023
- Electronics and appliance stores $80 billion
- Furniture stores $120 billion in 2023
- Department stores sales declined 8% to $70 billion
- Black Friday sales $9.8 billion in 2023
- Cyber Monday online sales $12.4 billion record
- Super Saturday retail sales $38 billion projected 2023
- Mall retail foot traffic down 20% pre-pandemic levels 2023
- Discount stores sales up 5% to $250 billion
- Convenience store sales $700 billion in 2023
- Pharmacy sales $600 billion in 2023
Retail Sales Interpretation
America's shopping cart is a seven-trillion-dollar monument to our split personality, where we'll skip the mall to hunt online deals for things we don't need, all while spending more on groceries, gas, and beer than we do on our own health.
Waste Sustainability
- U.S. municipal solid waste generation 292 million tons in 2018
- Paper and paperboard 23.05% of MSW generated, 66 million tons
- Food waste 14.1% of MSW, 63.1 million tons annually
- Plastics 12.2% of MSW, 35.7 million tons in 2018
- Metals 9% of MSW, 26 million tons generated
- Glass 4.9% of MSW, 11.7 million tons in 2018
- Rubber, leather, textiles 8.2%, 23 million tons MSW
- Yard trimmings 13.4%, 35.4 million tons generated
- Other wastes 14.8%, 42 million tons annually
- Recycling rate 32.1% for MSW in 2018
- Composting rate 23.6% of generated MSW
- Landfill disposal 50% of MSW, 146 million tons
- Combustion with energy recovery 12.5%
- E-waste generation 6.9 million tons in 2018
- Plastic packaging waste 14 million tons annually
- Household hazardous waste 1.7 million tons yearly
- 42% of food waste occurs at retail/consumer level
- Single-use plastic bags 100 billion used yearly pre-ban
- Textile waste 17 million tons landfill annually
- Recycling saves 700 million trees yearly in U.S.
Waste Sustainability Interpretation
Americans are champions of waste, tossing enough treasure each year to bury entire cities, yet we salvage just enough pride with our recycling to save a forest while drowning in plastic.
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