🤯 Breaking Down the World’s Largest Consumer Economy

Key Takeaways

• America’s consumer class spent nearly $19 trillion on goods and services in 2023.
• Housing & Utilities ($3.3T) and Health care (3.1T) were the top expenditure categories overall
• Americans spent the most money on groceries ($1.4T) in the goods category

The Service Economy

Services account for nearly 70% of America’s personal consumption expenditure.

This is matched by the supply side as well: nearly 80% of America’s jobs are in the service sector.