While the greatest amount spent on clothing was $1,960 for the 35–44 age group, this amount was not statistically different from the $1,832 for the 25–34 age group and the $1,826 for the 45–54 age group.
The only exception was the 65–74 age group, where the share of the food dollar devoted to food at home was slightly lower and the share of the food dollar devoted to food away from home was slightly higher than those for the 55–64 years group. This was followed by a sharp declines for the 65–74 group ($2,833 and 6.1 percent) and 75-and-older group, ($832 and 2.4 percent). This article is in the public domain and may be reproduced without permission.Ann C. Foster, “Consumer expenditures vary by age ,”
Discover announcements from companies in your industry. An official website of the United States government Annual spending and income then declined with age of the reference person for the remaining groups. Published by S. Lock, Oct 10, 2019 The statistic shows the average spending of consumers in the United States on eating out in 2017, by age. Julie Littman If the institutionalized population were included in the CE, it is likely that healthcare spending for the 65–74 and 75-and-older age groups would be much higher and claim a greater share of the budget compared with younger age groups.Entertainment spending averaged $1,243 for the under-25 age group.
For the 35–44 years and 45–54 years groups, however, the difference in the amounts spent for total food, food at home, and food away from home was not statistically significant.
(See chart 2).Housing outlays did not strictly follow the hump-shaped pattern previously described.
Because transportation, like clothing, is considered a work-related expense, spending should be expected to decrease with age of the reference person and the accompanying decline in number of earners per household.
Want to share a company announcement with your peers? For example, data from the Bureau of Labor Statistics shows that the 45-54 age group has the highest mean salary ($109,366), while the 75 years and older age group spends, on average, more than they make ($43,181 spent vs. $38,786 earned). 16 to 24-year-olds spend more on food than any other age group, says research Young people spend more than any other age group on meals – much of it … Millennial households spent an average of $2,639 a … By signing up to receive our newsletter, you agree to our By signing up to receive our newsletter, you agree to our These differences were statistically different.Clothing is often considered a work-related expense that should decrease when household members retire. The free newsletter covering the top industry headlinesThe free newsletter covering the top industry headlines Household size also increased with age of the reference person from 2.0 persons for the under-25 age group to 3.4 for the 35–44 age group and then declined to 1.6 persons for the 75-and-older group.
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The components of food spending (food at home and food away from home) also followed a similar pattern.
While millennials dedicate the highest share of their income to food and beverage, they don't spend more on food than older generations when they were 25 to 35 years of age.
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