The median reported year-over-year increase in monthly nominal household spending increased to 4.9 percent in December from 4.1 percent in August and 4.6 percent in December 2024.

• The shares of households that reported making a large purchase on furniture, home repairs, vehicles, and vacations decreased in December, while shares reporting spending on homes, home appliances, and electronics increased.
• Median expected monthly overall spending growth over the next twelve months increased to 3.4 percent in December from 3.0 percent in August.
• Median year-ahead expected spending growth on transportation and recreation decreased slightly to 4.1 percent and 1.9 percent, respectively, while it increased for food to 5.4 percent, for clothing to 2.8 percent, and for housing and medical care to 4.1 percent and 5.3 percent, respectively, both series highs. Median expected spending growth for utilities remained essentially unchanged at 4.6 percent.

The median reported year-over-year increase in monthly nominal household spending declined to 4.1 percent in August from 4.5 percent in April, the lowest level since April 2021. The decline was broad-based across age and income groups and largest for those with at most a high school diploma.

• While overall spending growth declined, the share of respondents reporting making any large purchase over the past four months increased to 60.8 percent in August from 53.5 percent in April. The share reporting a purchase of electronics, home appliances, furniture, home repairs, homes, vehicles, and vacations all increased in August.
• The median expected overall nominal spending growth over the next twelve months decreased to 3.0 percent in August from 3.3 percent in April. The decrease was broad-based across age, income, and education groups.
• The median expected year-ahead growth in everyday essential spending, or daily living expenses related to what one absolutely needs, decreased to 4.7 percent in August from 4.9 percent in April. The median expected growth in non-essential spending increased to 1.9 percent in August from 1.0 percent in April.

The median reported year-over-year increase in monthly nominal household spending edged down to 4.5% in April from 4.6% in December, remaining well above pre-pandemic levels. The decline was driven by those with household incomes under $100,000.

• The share that reported making a large purchase on electronics, home appliances, furniture, homes, vehicles, and vacations decreased in April, while the share reporting spending on home repairs increased slightly.
• The median expectation for overall nominal spending growth over the next twelve months increased to 3.3% in April from 3.0% in December. The increase was driven by those with at least some college education and those with annual household incomes over $50,000.
• The median expected year-ahead growth in everyday essential spending, or daily living expenses related to what one absolutely needs, increased to 4.9% in April from 4.1% in December. The median expected growth in non-essential spending decreased from 1.5% in December to 1.0% in April, the lowest such reading since August 2020.

The quarterly NY Fed SCE Household Spending Survey reported that the median change in nominal household spending fell from 5.0% YoY in August to 4.6% YoY in December.

• The median household expects spending to grow 3.0% in the next year, unchanged from the last survey in August. However, the range of responses fell from 1.0% to 7.6% to 0.6% to 6.4%.