For example, the average single male spends 40,350 per year to finance his lifestyle, while the average single female spends 37,100 to fund hers. In total, the top three expenditures of US consumers in 2020, housing, transportation, and food, add up to $38,551-or 62.9 percent of their average yearly expenses. With BLS data showing that single men have APTHI of 48,994 and single women have APTHI of 35,530, the former’s annual household budget exceeds the latter. This is followed by personal insurance and pensions, on which $7,246 is spent. The average US consumer spent $7,316 on food in 2020, 10.4 percent less than they did in 2019. This includes vehicle purchases, gasoline, public transportation, and other related expenses. Housing is the largest average cost at 1,784 per month, making up 34.9. ![]() The average annual income after taxes is 74,949. ![]() Of the average yearly expenses in 2020, $9,826, or 16 percent, is spent on transportation. The average household's monthly expenses are 5,111 (61,334 per year). US consumers’ second-highest expense is transportation. This represents 34.9 percent of their average yearly expenses and a 3.5 percent year-over-year increase. In 2020, the typical US consumer spent $21,409 on housing, which covers expenses on both owned and rented dwellings, housing utilities, operations, supplies, as well as all furnishings and equipment. US consumers’ biggest expenditure is on housing. From 2017 to 2020, average American income rose from $73,573 to $84,352-a 14.7 percent overall increase and an average annual growth rate of 4.7 percent. Figures for the grocery budget calculator are based on USDA Food Plans: Cost of Food. Interestingly, the rate of increase in average consumer spending in the US is slower than the rate of increase in income. Describe your household to us: Add a Family Member. In fact, from 2017 to 2020, US consumers increased their average annual expenditure by 2.1 percent, with an average annual growth rate of 0.73 percent. Prior to 2020, the average annual American spending had been rising steadily over the past few years. In comparison, spending increased 1.9 percent from 2017 to 2018 and three percent from 2018 to 2019. This represents a 2.7 percent fall from 2019, during which average consumer spending in the US was $63,036 – the first decrease in years. So how much does the average American spend per year?Īccording to the latest statistics, the average yearly expenses of a US consumer in 2020 are $61,334. Input your details into our living expenses calculator to find out how your living expenses compare. This is based on the national average and likely varies by location and shop. Here’s a monthly grocery budget for the average family. ![]() However, these national averages vary based on where you live and the quality of your food purchases. With nearly $850 billion in ecommerce sales expected in 2021, the United States market definitely shows potential. Average monthly living expenses for a family of 4: 5,378. The average cost of food per month for one person ranges from 150 to 300, depending on age. One of the first things you want to understand before starting any business is your target audience-more specifically, their spending capacity.
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