SCE HOUSEHOLD SPENDING SURVEY - The median reported year-over-year increase in monthly nominal household spending edged down to 4.6 percent in April from 5.0 percent in December. While the lowest reading in the series since April 2021, it remains well above pre-pandemic levels. The decline was broad-based across age and income groups.
- The share of households reporting at least one large purchase in the last four months decreased to 53.8 percent in April, the lowest such reading since April 2020.
- The share reporting a large expenditure on electronics, home appliances, vehicles, home repairs, homes, and vacations decreased in April, while the share reporting spending on furniture increased.
- The median expected year-ahead growth in everyday essential spending (that is, daily living expenses related to what one absolutely needs) increased to 4.6 percent in April from 4.5 percent in December. The median expected growth in non-essential spending also increased to 2.3 percent from 1.9 percent in December.
For more details:
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, and an annual New York Fed press release (January 2024), issued following the December survey, highlights notable changes and trends.
