Consumer spending growth will remain resilient this year across US metros

Consumer spending growth will remain resilient this year. Supported by rising real incomes, consumer spending growth is forecast to average 2.3% across all metros in 2024, faster than the 2.2% outturn in 2023.

What you will learn:

• Consumer spending growth will remain robust over the medium term. Despite inflation moderating and interest rates falling, a weaker labor market, a rising saving rate, and a fading boost from wealth effects will see spending growth cool slightly next year and remain at 2.2% y/y through 2028.
• Demographics affect the long-term outlook. Slowing population growth across major metros will result in consumer spending growth also moderating, though spending per head will continue to rise to 2050.