- The median reported year-over-year increase in monthly household spending rose to 4.7 percent in August 2021 from 3.2 percent in April, marking its highest reading since the series began in December 2014. The increase was broad-based across age, education, and income groups.
- The share of households that reported making a large purchase over the past four months increased to 63 percent in August from 59 percent in April. The share reporting a large purchase on home repairs hit a series high, while the share reporting spending on vacations reached its highest level since August 2019.
- Median expected growth in household spending over the year ahead rose to 4.2 percent in August, its highest value since the start of the series in August 2015. Median expected spending growth on clothing jumped to 3.4 percent in August from 2.6 percent in April, setting a new series high.
- The median expected year-ahead growth in everyday essential spending rose to a series high of 5.2 percent in August. Growth in non-essential spending, however, retreated to 2.6 percent from its series high of 4.1 percent in April.
The SCE Household Spending Survey is fielded every four months as a rotating module of the Survey of Consumer Expectations (SCE). The data are updated online as results come in, and an annual New York Fed press release, issued following the December survey, highlights notable changes and trends.