Consumer Spending Statistics

It's obvious from the annual credit card debt figures that we collectively spend a whole lot of money on a bunch of different kinds of things.  But what exactly?  Aren't you curious?  Well, it turns out you can break down the average person's spending into a few distinct expense categories.  You can also use consumer spending statistics to take the country's economic pulse, gauge the significance of major events, and gain any number of other important insights.

Below you will find an overview of the types of things we spend our money on, followed by a snapshot of consumer spending related to major events throughout the year, including Winter Holiday Spending, Super Bowl Spending, Valentine's Day Spending, and Pandemic Spending.

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The Bureau of Economic Analysis, a subsidiary of the U.S. Department of Commerce announced earlier this month that American workers earned $505.5 billion less during January of this year than they did in December 2012 – a 3.6% decrease at a time when people are desperate for signs of encouragement related to the country's laborious economic recovery.  To make matters worse, the BEA also revealed that disposable income fell $491.4 billion, or 4.0%, while consumers spent $18.2 billion more.

The BEA's snapshot would seem to indicate that our cost of living is on the rise, while income levels are falling, but how much can you read into data from a single month during turbulent economic times?  If part of a larger trend, the January numbers would represent a significant cause for concern.  But they could simply be aberration too.

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Credit cards are used twice as much as cash for payments, and the gap has been increasing over the years. Below, you can find more statistics that help illustrate the popularity of both payment methods, including how transaction amounts and the demographics of users are shifting.

Important Takeaways

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The average cost of car insurance is $671 per year for drivers with minimum coverage and a clean record, according to WalletHub's research. Individual rates may vary based on factors such as driving record, age, car type, and credit history.

Average Car Insurance Cost by Category

• Minimum Coverage: $56 per month
• Full Coverage: $176 per month
• Drivers with a Violation: $71 per month
• Young Drivers: $145 per month
• Senior Drivers: $55 per month

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Budgeting can be frustrating, but it's important to do if you want to organize your finances and avoid overspending. Fortunately, by following experts' budgeting tips, you can make the process a lot easier.

Listed below are WalletHub's 12 best budgeting tips, as well as more specialized tips for families, students, project budgeters, vacationers and wedding planners. Finally, we consulted a panel of money management experts to share their favorite budgeting advice.

Check out WalletHub's free budgeting tools!

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Important Note: An earlier version of this report only included monthly numbers that were seasonally-adjusted into annual rates, which is how the Bureau of Labor Economics reports its data. However, due to feedback from the community, we included a separate section on the report with monthly figures.

Consumer spending in the U.S. is a fundamental economic metric that provides insights into the overall strength of the overall economy and U.S. household balance sheets. As a result, it is concerning that consumers spent $18.86 trillion in October 2023 (seasonally adjusted at annual rates), which is a record spending amount for a month.

This report uses personal expenditure data from the Bureau of Economic Analysis but adjusts it for inflation. Adjusting for inflation is key, as it accurately shows how spending compares to historical levels.

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Americans spend billions of dollars on credit card interest and fees each year. In 2025 alone, the total was a staggering $253.37 billion, while the annual average over from the past decade is $162.08 billion, according to our analysis of Federal Financial Institutions Examination Council (FFIEC) and Federal Reserve data. For context, the total amount spent on interest and fees for consumer loans was $971 billion in 2025.

Key Stats

• Total Credit Card Interest and Fees Paid in 2025: $253.37 billion
• Total Credit Card Interest and Fees Paid per Account: $96.61 (2025 Q4)
• State with highest Credit Card Interest and Fees Per Capita in 2025: California ($943.17)

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Blowing cash appears to be the new American pastime. Between 2010 and 2026, global spending will increase 43 percent from $28 trillion to $40 trillion, according to a report from consulting firm A.T. Kearney. And the U.S. will account for an entire quarter of the growth pie.

While the Great Recession continues to permeate the air in parts of the U.S., the rest of the country is sweeping away the remaining economic cobwebs from the crisis. This past October, the Federal Reserve's “Beige Book” reported all manner of improvements: jobs expanding, industries growing, consumer spending on the rise.

All this good news supports the “wealth effect,” a fancy term that describes consumers' tendency to spend more as they earn more. But it was precisely this “perceived wealth” that enabled Americans to bite off more than they could chew, leading the country on a path to the most destructive economic catastrophe in recent history. As of June 30 this year, total consumer debt stood at $11.63 trillion, higher than it was at the same time in the previous three years, according to the Federal Reserve Bank of New York. Are Americans at risk of becoming financially overextended again?

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Smoking doesn't just damage your health — it can also take a serious toll on your finances. Tobacco use is responsible for nearly half a million deaths in the U.S. each year and remains the leading cause of lung cancer, according to the American Lung Association. Even people who don't smoke are put at risk. Since 1964, smoking-related diseases have claimed more than 20 million lives in the U.S., including 2.5 million nonsmokers who became ill solely from exposure to secondhand smoke.

The economic and social impacts are equally staggering. Each year, smoking costs the U.S. over $600 billion in medical expenses and lost productivity.

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If your credit limit is $1,500, you should ideally spend around $15 to $150 each month, then pay off your full statement balance by the due date. This will help your credit score increase as fast as possible and allow you to avoid paying interest.

If you can't manage to spend this little on your card, just strive to keep your spending below 30% of your credit limit. Once your credit utilization exceeds 30%...