2023 Consumer Expenditures Surveys — 2024-09-25

Average annual expenditures for all consumer units in 2023 were $77,280, a 5.9-percent increase from 2022, the U.S. Bureau of Labor Statistics (BLS) reported today. (See table A.) During the same period, the Consumer Price Index for All Urban Consumers (CPI-U) rose 4.1 percent, and average income before taxes increased 8.3 percent. Table B shows average annual expenditure shares broken down into 14 major components. Overall, housing accounted for the largest share of total expenditures (32.9 percent), followed by transportation (17.0 percent), food (12.9 percent), personal insurance and pensions (12.4 percent), healthcare (8.0 percent), and entertainment (4.7 percent). Each of the remaining components contributed less than 4.0 percent of total expenditures. Among the 14 major components of household spending, the largest percent increase in expenditures was in education (+24.0 percent). The next largest increase was in miscellaneous expenditures (+17.3 percent), followed by personal care products and services spending (+9.7 percent).