Final answer:
The Consumer Expenditure Survey reveals average household expenditure in 2015 was $48,109 after savings and taxes, with one-third spent on shelter and food/vehicles, respectively. Consumer spending patterns differ by income, location, and personal choice, and can change during economic downturns, where certain products may see an increase in demand.
Step-by-step explanation:
The Consumer Expenditure Survey, carried out by the U.S. Bureau of Labor Statistics, provides data on the spending patterns of Americans. In the survey, it was noted that in 2015, the average U.S. household spent a total of $48,109 on consumption.
This amount was after accounting for personal savings and tax deductions. The spending was then classified into various categories, such as shelter, food, and vehicle expenses, which each accounted for approximately one-third of the total consumption expenditure.
The rest of the expenditure was spread across different items. It is important to note that spending can vary widely from one household to another based on income levels, geographic location, and individual preferences
During economic downturns, consumer behavior changes and certain products may see an increase in demand despite overall spending declines.
For example, between 2006 and 2009, when overall food spending decreased, there was still an 18% uptick in spending within a specific category in the United States.
This kind of information is crucial for understanding consumer habits during various economic phases.