The Impact of COVID-19 on Americans’ Spending Habits
Over the past two years, the COVID-19 pandemic has had a significant impact on how Americans allocate their discretionary and disposable income. Discretionary income refers to the money individuals have left after covering essential expenses, while disposable income is what remains after meeting tax obligations (according to the Bureau of Economic Analysis).
How Are Americans Spending Their Money?
Let’s take a closer look at the annual spending per person in various categories, such as eating out and transportation. The data from the Bureau of Economic Analysis provides insights into Americans’ spending habits over the past three years, including the current year up until April.
| Category | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Eating Out | $2,087 | $1,810 | $2,287 | $823 |
| Alcohol | $799 | $788 | $916 | $322 |
| Tobacco | $303 | $313 | $322 | $108 |
| Gambling | $431 | $333 | $455 | $164 |
| Streaming/Subscriptions | $400 | $411 | $442 | $155 |
| TVs/Audio Equipment | $230 | $251 | $296 | $100 |
| Computers & Related | $475 | $534 | $630 | $213 |
| Mobile Phone Services | $403 | $401 | $425 | $149 |
| Games/Toys/Hobbies | $211 | $229 | $274 | $94 |
| Transport | $1,505 | $1,098 | $1,296 | $502 |
| Pets & Pet Food | $359 | $357 | $418 | $151 |
| Home Improvements | $289 | $280 | $302 | $106 |
| Hairdressing & Personal Care | $916 | $725 | $848 | $312 |
| Total | $8,407 | $7,529 | $8,910 | $3,197 |
Monthly Breakdown by Year
Let’s also analyze the average monthly breakdown of expenses in each category for the years 2019 to 2022.
| Category | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Eating Out | $174 | $151 | $191 | $206 |
| Alcohol | $67 | $66 | $76 | $80 |
| Tobacco | $25 | $26 | $27 | $27 |
| Gambling | $36 | $28 | $38 | $41 |
| Streaming/Subscriptions | $33 | $34 | $37
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