{"id":13066,"date":"2024-04-16T11:28:32","date_gmt":"2024-04-16T17:28:32","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=13066"},"modified":"2025-06-05T16:49:06","modified_gmt":"2025-06-05T22:49:06","slug":"american-spending-habits","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/american-spending-habits.html","title":{"rendered":"American spending habits by generation for 2024"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"570\" height=\"190\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/american-spending-habits-hero-1500x500-1.jpg\" alt=\"\" class=\"wp-image-20472\"\/><\/figure>\n\n\n\n<p class=\"has-white-color has-text-color has-background has-link-color wp-elements-c59c98f8b598f5c03df8b6c6ee572c02\" style=\"background-color:#00204f\">American spending habits fluctuate by generation. In 2023, Gen Z spent most of their money on food and clothes while baby boomers prioritized healthcare.<\/p>\n\n\n\n<p><em>The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. <\/em><a href=\"https:\/\/www.lexingtonlaw.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\"><em>See Lexington Law\u2019s editorial disclosure for more information.<\/em><\/a><\/p>\n\n\n\n<p>American spending habits fluctuate based on factors like the economy, average cost of living and global events. Interestingly, spending trends don\u2019t always move in predictable patterns\u2014<a href=\"https:\/\/www.npr.org\/2023\/02\/25\/1159284378\/economy-inflation-recession-consumer-spending-interest-rates\" target=\"_blank\" rel=\"noreferrer noopener\">NPR<\/a> reported elevated spending in 2023 despite rising inflation costs.<\/p>\n\n\n\n<p>Here, we\u2019ll review American spending habits to paint a clearer picture of our potential expenses in the near future. We\u2019ll also share personal finance resources that can help you refine your budget and reach your savings goals.<\/p>\n\n\n\n<p><strong>Table of contents:<\/strong><\/p>\n\n\n\n<ul>\n<li><a href=\"#american-spending-habits\">Overview of American spending habits<\/a><\/li>\n\n\n\n<li><a href=\"#teen-spending-habits\">Teen spending habits<\/a><\/li>\n\n\n\n<li><a href=\"#college-student-spending-habits\">College student spending habits<\/a><\/li>\n\n\n\n<li><a href=\"#gen-z-spending-habits\">Gen Z spending habits<\/a><\/li>\n\n\n\n<li><a href=\"#millennial-spending-habits\">Millennial spending habits<\/a><\/li>\n\n\n\n<li><a href=\"#baby-boomer-spending-habits\">Baby boomer spending habits<\/a><\/li>\n\n\n\n<li><a href=\"#enhance-your-credit\">Enhance your credit with Lexington Law Firm<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"american-spending-habits\"><a id=\"_n0vtdz5ebc3c\"><\/a>Overview of American spending habits<\/h2>\n\n\n\n<p>According to the Bureau of Labor Statistics (BLS), Americans spent an average of <a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/cesan.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">$72,967<\/a> in 2022. This number suggests a 9 percent increase in American spending habits from 2021 (wherein the average annual expenditure was $66,400) to 2022. How much we spend makes a lot more sense when we break down what exactly our money is going toward.<\/p>\n\n\n\n<p><strong>What do Americans spend the most money on?<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><td><strong>Expenditure<\/strong><\/td><td><strong>Cost<\/strong><\/td><\/tr><\/thead><tbody><tr><td><span style=\"font-weight: 400;\">Housing<\/span><\/td><td><span style=\"font-weight: 400;\">$24,298<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Transportation<\/span><\/td><td><span style=\"font-weight: 400;\">$12,295<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Food<\/span><\/td><td><span style=\"font-weight: 400;\">$9,343<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Personal Insurance and Pensions<\/span><\/td><td><span style=\"font-weight: 400;\">$8,742<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Healthcare<\/span><\/td><td><span style=\"font-weight: 400;\">$5,850<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Entertainment<\/span><\/td><td><span style=\"font-weight: 400;\">$3,458<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">All Other Expenditures<\/span><\/td><td><span style=\"font-weight: 400;\">$2,080<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Cash Contributions<\/span><\/td><td><span style=\"font-weight: 400;\">$2,755<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Apparel and Services<\/span><\/td><td><span style=\"font-weight: 400;\">$1,945<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Education<\/span><\/td><td><span style=\"font-weight: 400;\">$1,335<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Personal Care Products and Services<\/span><\/td><td><span style=\"font-weight: 400;\">$<\/span>866<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><strong>Source:<\/strong> Bureau of Labor Statistics<\/figcaption><\/figure>\n\n\n\n<p>In 2022, the BLS noted a<strong> 7.5 percent<\/strong> increase in income to coincide with a <strong>9 percent<\/strong> increase in expenditures. Among the different categories, spending on food increased by <strong>12.7 percent <\/strong>from 2021 to 2022. Vehicle purchases and entertainment expenses dropped by <strong>6.9 percent <\/strong>and <strong>3.1 percent,<\/strong> respectively.<\/p>\n\n\n\n<p>These numbers fluctuate depending on the circumstances of a particular household. For example, the BLS found that <strong>39.4 percent<\/strong> of a one-person household\u2019s expenses go toward housing costs, while <strong>32.1 percent <\/strong>of a two-person household\u2019s funds are spent on housing.<\/p>\n\n\n\n<p>To better understand American spending habits, we can examine the average expenditures of various groups based on factors such as age and education.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"teen-spending-habits\"><a><\/a>Teen spending habits<\/h2>\n\n\n\n<p>According to <a href=\"https:\/\/www.census.gov\/data\/datasets\/time-series\/demo\/popest\/2020s-national-detail.html\" target=\"_blank\" rel=\"noreferrer noopener\">the United States Census Bureau<\/a>, more than 43 million teenagers live in America. Gaining a better understanding of <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/teen-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">teen spending habits<\/a> is important, as teens spend about $63 billion each year.<\/p>\n\n\n\n<p>More than <a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/youth.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">50 percent of young adults<\/a> (16 to 24) were employed in 2023. Some of the top brands that teens spend their new income on include Chick-fil-A, Netflix and Snapchat. In 2024, the BLS anticipates that more teenagers will <a href=\"https:\/\/www.bls.gov\/opub\/mlr\/2015\/article\/labor-force-projections-to-2024.htm#:~:text=The%20youth%20share,has%20been%20declining.\" target=\"_blank\" rel=\"noreferrer noopener\">prioritize school attendance<\/a> over traditional means of employment\u2014which could affect where and how often they\u2019re spending money.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"369\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-5.png\" alt=\"\" class=\"wp-image-20473\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-5.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-5-768x291.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"college-student-spending-habits\">College student spending habits<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/college-student-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">College student spending habits<\/a> fluctuate as changes to the American education system become more widespread. Four years in college is no longer the norm\u2014many students take anywhere between an extra semester to a few extra years to graduate. This extra time incurs additional costs (like tuition and rent) that impact spending habits.<\/p>\n\n\n\n<p>In addition to money spent on tuition, college students are purchasing new tech, tickets to festivals and events and lots of food. Older students with more life experience also have to balance school expenses with other mandatory purchases like groceries for the household.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"367\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-6.png\" alt=\"\" class=\"wp-image-20474\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-6.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-6-768x289.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"gen-z-spending-habits\">Gen Z spending habits<\/h2>\n\n\n\n<p>Generation Z includes anyone born between 1997 and 2012. <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/generation-z-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">Gen Z spending habits<\/a> reportedly differ even more than their older millennial counterparts. This generation grew up completely immersed in the digital era and is very likely to shop online.<\/p>\n\n\n\n<p>A <a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0969698920313539?via%3Dihub\" target=\"_blank\" rel=\"noreferrer noopener\">2021 study<\/a> by Elmira Djafarova and Tamar Bowes found that 41 percent of Gen Zers are impulse buyers. Quality and value are of the utmost importance to this generation. They may be quick to switch brands if they believe they\u2019re getting better overall value from a different company.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"367\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-7.png\" alt=\"\" class=\"wp-image-20475\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-7.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-7-768x289.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"millennial-spending-habits\">Millennial spending habits<\/h2>\n\n\n\n<p>Millennials are generally defined as the generation born between 1981 and 1996. This group is known for making financial decisions that are strikingly different from those that came before them.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/millennial-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">Millennial spending habits<\/a> include increased online shopping, a preference for experiences over material things and an openness to generic brands if the choice saves money.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"369\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-8.png\" alt=\"\" class=\"wp-image-20476\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-8.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-8-768x291.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"baby-boomer-spending-habits\">Baby boomer spending habits<\/h2>\n\n\n\n<p>Baby boomers are those born between 1946 and 1964. This group is filled with people who are close to or already in their retirement years. In contrast to their parents, who were born in the Great Depression, boomers expect to have a fun retirement.<\/p>\n\n\n\n<p>They\u2019re looking forward to experiencing new places and trying new things. However, many baby boomers are facing retirement issues due to a lack of savings and mounting debt. Despite it all, <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">baby boomer spending habits<\/a> indicate that this generation holds more than 50 percent of the wealth in the United States.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"369\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-9.png\" alt=\"\" class=\"wp-image-20477\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-9.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/04\/image-9-768x291.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"enhance-your-credit\">Enhance your credit with Lexington Law Firm<\/h2>\n\n\n\n<p>American spending habits can fluctuate based on a person\u2019s background, but credit scores impact all of us in many ways. At Lexington Law Firm, we can help you understand the nuances of credit. Get your free <a href=\"https:\/\/www.lexingtonlaw.com\/credit-snapshot\/pi\" target=\"_blank\" rel=\"noreferrer noopener\">credit snapshot<\/a> now to see your credit score and get a free credit assessment to help you get started.<\/p>\n\n\n\n<p><a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/lexingtonlaw.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>Note:<\/em><\/strong><\/a><em> Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>American spending habits reflect a move toward smarter spending and more saving as the cost of living remains high. Online shopping is also much more common.<\/p>\n","protected":false},"author":63,"featured_media":20471,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[516],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>American Spending Habits by Generation for 2024<\/title>\n<meta name=\"description\" content=\"American spending habits reflect a move toward smarter spending and more saving as the cost of living remains high. 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