SCE HOUSEHOLD SPENDING SURVEY - The median reported year-over-year increase in monthly nominal household spending rose to 5.5 percent, driven by respondents under 40, with no more than a high school education, and annual household incomes below $50,000. The median expected monthly overall spending growth over the next twelve months remained unchanged at 3.4 percent.
- The share of households that reported making at least one large purchase in the last four months increased to 63.5 percent from 57.3 percent, its highest reading since August 2015.
- The share of households that reported making a large purchase on electronics and furniture decreased, while those reporting spending on home appliances, vehicles, home repairs, homes, and vacations increased. The shares of respondents who reported spending on home appliances and vacations reached their series highs.
- The median expected year-ahead growth in everyday essential spending decreased to 4.8 percent from 4.9 percent in April, its lowest reading since April 2021. The median expected growth in non-essential spending also decreased to 1.9 percent from 2.3 percent in April.
For more:
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.
