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2021Mornig Consult, Al RightsReserved.U.S. Consumer Spending ReportANALYST REPORTDECEMBER 2021Households continue to spend les on staple categories, more on travel and discretionary gods2Morning Consults monthly U.S. Consumer Spending Report provides a detailed asesment of consumption paterns reported by consumers acros a variety of categories of goods and services. Businesses and investors rely on this report to understand emerging trends in consumer demand and shoping paterns across demographics.The report draws on Morning Consult Economic Inteligence, a high-frequency, global economic dataset reflecting more than 11,00 daily economic surveys acros the 15 largest global economies.ABOUT THIS REPORT34November Spending Summary11Housing21Groceries & Restaurants31Cars & Gas40Telecomunications46Apparel & Personal Care55Alcohol58MethodologyTABLE OF CONTENTSNOVEMBER SPENDING SUMMARYSECTION 15Consumers continued to shift spending toward discretionary categories as incomes increased and lower spending on staple gods and services fred up space in monthly budgets.Average reported incomes increased in November as rising employment and wages began to afect household finances. The holiday season is also contributing to strong consumer demand, but elevated inflation and lingering shortages continue to restrict overal spending: Total average expenditures remained roughly flat compared with October, despite consumers stated expectations for higher outlays. Soaring prices are discouraging spending on housing, cars and food. As homes grew increasingly unafordable last month, a higher share of U.S. adults mised payments or moved in search of less expensive living arrangements. Spending at grocery stores and restaurants was muted as higher ingredient costs and worker wages drove up prices in supermarket aisles and on menus. Despite signs of improvement in suply chain disruptions, the share of households purchasing vehicles declined and U.S. adults reported higher spending on public transit.Spending continues to be chaneled into discretionary categories. As expenditures declined on staple categories like housing, cars and fod, consumers were left with more space in household budgets for discretionary categories like travel, personal care and aparel. The share of walet allocated toward housing and groceries declined for higher-income adults, who tend to be the bigest drivers of spending on categories like personal care services.SUMARYU.S. Spending Report | December 2021 6U.S. adults allocated about 34% of monthly household expenditures to housing in November, and about 14% went toward grocery purchases$1,069$424$194$142$142$135$122$113$101$98$95$87$78$73$65$57$44$35$32HousingGroceryUtilitiesHealth insuranceCarsTelecomGasCar insuranceApparelEducationRestaurantFurnitureHealth careHotelsAirfarePublic transportationAlcoholPersonal care productsPersonal care servicesTotal = $3,105$11 from OctoberSource: Morning Consult Economic IntelligenceReported average monthly spending in November by category, U.S. adultsU.S. Spending Report | December 2021 7Higher-income adults tend to allocate a higher share of wallet to discretionary categories like travelSource: Morning Consult Economic IntelligenceReported average monthly spending in November per category, U.S. adults by income33%15%7%5%4%4%4%3%4%3%3%3%2%2%2%2%1%1%1%36%13%4%37%11%5%3%5%3%5%4%3%3%3%2%HousingGroceryUtilitiesTelecomCarsGasCar insuranceRestaurantHealth insuranceApparelEducationFurnitureHealth careHotelsAirfarePublic transportationAlcoholPersonal care productsPersonal care servicesLes than $50,0 $50,0-$10,00 $10,00 or moreU.S. Spending Report | December 2021 8Monthly reported income climbed in November amid rising wagesImproving labor market dynamics are starting to show up in monthly reported household income, which bounced back from a two-month downward slide in November. The employment-to-population ratio continued to climb last month, but the presence of more workers earning wage income has yet to fully replace the spikes in reported household income observed during months when government stimulus checks were distributed earlier in the pandemic. Compared to November 2020, reported household income grew 2.7% considerably laging the pace of inflation, which stod at 6.8% last month. Continued employment growth and job switching are likely to continue driving up wages to match the pace of price growth, benefiting household incomes.Since spending tracks closely with income, a continued positive trend in households reported earnings wil facilitate robust demand heading into 202.Source: Morning Consult Economic IntelligenceReported average monthly income, U.S. adults$2,40$2,50$2,60$2,70$2,80$2,90$3,00Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21U.S. Spending Report | December 2021 9Total average spending changed little from October to November, but consumers continued to realocate purchases away from staple goods and toward transportation and other discretionary categories.Households spent les on housing, health care and fod though they also cut back on alcohol and restaurant spending.Housing and fod prices continue to climb amid ongoing shortages, potentialy discouraging spending in these categories. Transportation spending increased as the holiday season began, while goods categories like apparel and furniture also saw rising outlays.Transportation categories and iscretionary gods saw a bost in spending last monthPercentage change in spending among U.S. adults from October to November 2021Source: Morning Consult Economic Intelligence10%7%6%4%4%4%3%2%2%1%0%0%0%-1%-1%-2%-3%-5%-11%Public transportationHealth insuranceAirfarePersonal care servicesHotelsFurnitureCarsGasEducationApparelTelecomUtilitiesPersonal care productsCar insuranceGroceryHealth careHousingRestaurantsAlcoholU.S. Spending Report | December 2021 10Nearly 2 in 5 consumers expect to spend more in December than they did last month, compared with 29% who planed to increase spending in NovemberRespondents were asked to estimate next months spending relative to the previous monthsSource: Morning Consult Economic Intelligence16%17%21%17%11%23%30%25%18%23%49%36%42%53%55%6%6%6%7%6%6%10%6%6%5%U.S. adultsGen ZersMillenialsGen XersBaby bomersA lot morethan last monthA litle morethan last monthAbout the sameas last monthA litle lesthan last monthA lot les thanlast month10%18%14%9%6%19%22%22%19%16%57%37%49%61%66%7%14%8%4%7%6%9%6%7%5%DecemberNovemberHOUSINGSECTION 212HOUSING KEY TAKEAWAYSSpending declined as unafordable prices prompted an uptick in mised payments.Spending on housing fel 2.6% from October to November as prices continued to trend higher. Moves and missed payments increased as a rising share of adults faced affordability challenges. Decline in spending was concentrated among suburban, higher-income adults. While urban and rural adults reported flat or rising housing expenditures last month, those living in suburban areas reported a step decline. This group tended to include those earning relatively higher incomes. Less spending on housing for the highest earners is likely to benefit discretionary categories as new space is fred up in monthly budgets. Price expectations continue to trend flat as more selers plan to enter the market.Suply remains tight for housing, with the share planing to buy homes over the next 12 months continuing to outpace the share planing to sel. However, rising prices are encouraging some losening of supply, with the share of planned selers increasing for a third straight month. Price expectations moderated slightly, extending a flat trend for a fifth month.123U.S. Spending Report | December 2021 13U.S. adults paid les for housing for a third consecutive month, with average monthly spending on rent and mortgage payments falling to its second lowest level of the year.All generations except Gen X paid les for housing, and declining payment amounts were driven by those living in suburban areas. As home prices ticked higher yet again, lack of affordability appears to be contributing to the decline in spending on housing: Mised payments increased overal, and younger adults moved more frequently, potentially in search of more affordable situations involving relatives or rommates.Looking ahead, the share of prospective buyers continues to outpace planed selers but suply is trending gradualy higher, and price expectations fel slightly from the prior month, indicating potential stabilization of price growth.Monthly housing payment amounts fel for a third straight monthAverage monthly spending on housing vs. housing consumer price index (CPI), U.S. adultsSource: Morning Consult Economic Intelligence, Bureau of Labor Statistics$950$1,00$1,050$1,10$1,150$1,20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Monthly spending on housing330.335.0340.345.0350.355.0CPI - Owners equivalent rentU.S. Spending Report | December 2021 14Gen Xers surpased milenials for the second time this year as the generation paying the most for housing, as moves increased among this age group. Gen Z spending fel back after jumping higher in October, reducing housings share of wallet among the youngest adults to 30%.Milenials typicaly spend more on housing than other generations, but outlays declined in November to their lowest level of the year as missed payments increased.Older adults apeared to extend their trend towards downsizing, with baby boomers housing expenditures faling to the lowest level of the year.Housing payments share of walet declined for al adults except Gen XersAverage monthly spending on housing, by generation$80$90$1,00$1,10$1,20$1,30$1,40Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Gen Zers Milenials Gen Xers Baby bomersNovember 2021housing share of wallet, by generationSource: Morning Consult Economic Intelligence30% 32%38% 35%Gen Zers MilenialsGen Xers Baby bomersU.S. Spending Report | December 2021 15Moves and mised payments increased as housing prices grew les afordableShare of respondents who said they moved in November, by generation2.4%6.8%4.1%1.3%0.7%3.0%9.4%4.4%2.2%0.4%U.S. adults Gen Zers Milenials Gen XersBaby bomersOct-21 Nov-216.5%5.4%7.6%5.4%7.8%7.1%8.7%5.0%My household did not pay in ful the rentor mortgage last month even though wedidnt receive permision from our bankor landlord.Our landlord or bank alowed us to notpay in ful the rent or mortgage lastmonth, and we wil not have to repaythis money in the future.Our landlord or bank alowed us to notpay in ful the rent or mortgage lastmonth, but we wil have to repay thismoney in the future.We received an eviction noticefrom our bank or landlord.Oct-21 Nov-21Share of respondents who said they mised payments in November, U.S. adultsMised PaymentForgivenesForbearanceEvictionSource: Morning Consult Economic IntelligenceU.S. Spending Report | December 2021 16Lower-income adults housing payment amounts stayed flat, while those earning $50,00 or more reported lower spending for a second consecutive monthAverage monthly spending on housing, by incomeNote diferences in scalesHouseholds earning $10,00 or more per year reported a third month of faling average monthly housing payment amounts. This group already tends to have more disposable income, and lower housing costs fre up additional rom for spending on other categories.The lowest income group (households earning under $50,000 per year) said housing payment amounts stayed flat, leaving little extra space in monthly budgets for discretionary spending. $1,70$1,750$1,80$1,850$1,90$1,950$2,00$2,050$2,10Jan-21Mar-21May-21Jul-21Sep-21Nov-21$10,00 or more$1,150$1,20$1,250$1,30$1,350$1,40$1,450Jan-21Mar-21May-21Jul-21Sep-21Nov-21$50,0-$99,99$650$680$710$740$770$80$830$860Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Les than $50,0Source: Morning Consult Economic IntelligenceU.S. Spending Report | December 2021 17Declining spending on housing was driven by suburban residents in NovemberAverage monthly spending on housing, by comunity typeNote diferences in scalesSuburban adults said they paid 6.6% les for housing in November than they did in the prior month, extending the downward trend in reported rent and mortgage amounts to the lowest level of the year.Monthly payment amounts for adults living in urban areas trended flat from October to November, while rural adults paid more for housing than they had since August. $1,00$1,050$1,10$1,150$1,20$1,250$1,30Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Suburban$80$90$1,00$1,10$1,20$1,30$1,40Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Urban$70$750$80$850$90$950$1,00Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21RuralSource: Morning Consult Economic IntelligenceU.S. Spending Report | December 2021 18The share of U.S. adults expecting price increases for housing over the next 12 months declined across all community types, as the Case-Shiler home price index showed a recent slowdownin the pace of anual price growth.The latest shift in price expectations extended a roughly flat trend over the past five months; while a slight majority continue to expect further price growth, the relative stability of responses suggests people anticipate steadier price gains, if not an actual slowdown. As monthly payment amounts fel for suburbanites, price expectations climbed; the recent fal in housing expenses for those areas may be extending the runway for price growth. Urban adults, meanwhile, reported a drop in price expectations as payment amounts stayed stable.Price expectations for housing over the next 12 months fel last monthShare of U.S. adults who expect housing prices to increase in the next 12 months, by comunity type0%10%20%30%40%50%60%70%Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Rural Suburban Urban All U.S. adultsSource: Morning Consult Economic IntelligenceThe share of urban adults expecting price increases droped, reversing a 3-month upward trendU.S. Spending Report | December 2021 19In November, rising prices apeared to continue tempting more selers into the market: The share of adults planning to put homes on the market in the next 12 months rose to 15%, the highest share since July.The number of adults planing to buy homes increased as well, however, preventing any narowing of the gap betwen supply and demand. The increase in average reported household income last month may have helped homeownership sem ore atainable for some potential buyers.Despite the uptick in demand, the thre-month trend of increasing suply is a positive sign for a U.S. market that continues to face affordability challenges.The share of potential home selers increased again but so did the share of prospective buyersShare of U.S. adults planning to buy or sel a home in the next 12 months0%5%10%15%20%25%Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Sel BuySource: Morning Consult Economic Intelligen
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