Consumer Expenditures in 2014

Abstract

[Excerpt] Consumer spending increased 4.7 percent in 2014. This increase reverses the 2013 decline of 0.7 percent. These figures are based on annual data from the Consumer Expenditure Survey (CE). Consumer units’ (CUs) average annual expenditures increased from $51,100 in 2013 to $53,495 in 2014. Accompanying the increase in expenditures was an increase in average income before taxes of 4.8 percent between 2014 ($66,877) and 2013 ($63,784). Prices, as measured by the average annual change in the Consumer Price Index for All Urban Consumers (CPI-U, U.S. city average, all items, base period 1982–1984=100) rose by 1.6 percent in 2014, compared with the 4.7 percent increase in spending. In 2013, prices increased by 1.5 percent, compared with the 0.7 percent decrease in spending. This report highlights spending patterns for 2014 from the CE.