Americans Cut Spending on Consumer Goods by 40% in Last 20 Years
But Quantity Rises
65% as Prices Drop
2011: 66
garments, 7.3 pairs of shoes
1991: 40
garments, 5.4 pairs of shoes
These numbers are given by Washington based Think
Tank Global Works Foundation. It says that the most
recent C.E.S. (Consumer Expenditure Survey), covering spending in
2011 reports that the two-parent family's bill for clothes and shoes is now 3.6
percent of the annual budget. Spending on bed sheets,
towels, and rugs has dropped by half compared to 1991, to 0.3 percent of spending; furniture and appliances are at 2.7 percent. The household goods total therefore was 6.6 percent in 2011. This is a fall of 3.6 percent
from 1991 when the spending was a good 10.2 percent.
According to the American Apparel and
Footwear Association, the 253 million Americans of 1991 bought 10.8 billion
articles of clothes and 1.3 billion pairs of shoes, or roughly 40 garments and
5 pairs of shoes per person. The 310 million Americans of 2011 bought 19.4 million
pieces of clothing and 2.2 billion pairs of shoes, for an average of 66
garments and 7 pairs of shoes per person.
Americans are using less money to buy
more things. Over the past two decades productivity rose; the world's container
shipping fleet grew from 1.5 million 20-foot containers to 14 million
containers; big-box stores and on-line shopping joined malls and outlets; the
textile quotas which managed clothing trade from the 1970s to 2004 were
abolished; and Asian integration, satellites and Internet links built up global
supply chains. Thus home goods got much cheaper. Americans spend barely half as
much as they used to on shirts, blouses, socks, and sneakers, but get 50 percent more of them. Converting this to dollar terms, two
observations:
Where does the extra money go? To health insurance and energy bills.
With extra money, are today's families
wrong to feel financial pressure? Not really. As an extra $2,510 comes in from
savings on home goods, a lot of it goes back out to health insurance and energy
- health insurance costs have risen from 1.8 percent to 3.3 percent of family
spending, and gasoline costs from 3.6 percent to 5.5 percent. On the other hand there are a few bits of happier
bits of spending news:
Education spending is up from 1.7 percent to 2.7 percent;
Charitable giving is up from 2.4 percent to 2.6 percent;
Fresh fruit and vegetables is up from 0.9 to 1.0 percent.
The Consumer Expenditure Survey is one
of the oldest continuous surveys in the world, first carried out shortly after
the Bureau's creation in 1884. Their long look back finds
that in times remembered as sunny and calm - the Gilded Age, the
post-war boom, etc. - Americans lived pretty close to the bone. Over time,
Americans have been steadily spending less of their income to feed and clothe
themselves, but more on somewhat more shelter, and likewise more on education
and entertainment. Only within the last decade did the three big life
necessities - food, clothing, a roof over the head - fall below half of a
typical family's budget. A summary of life-necessities spending (for all
households rather than two-parent families only, expressed as a share of
spending) over a century of American life: