A Better Way of Understanding the US Consumer: Decomposing Retail Sales by Household Income

Jack Chylak, Leo Feler and Sinem Hacioglu Hoke

No 2024-10-11, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Changes in retail spending reflect changes in consumer demand for goods. For the past several months, retail sales estimates published by the Census Bureau have indicated that consumer demand for retail goods remains resilient. However, published measures do not provide details on which consumers’ spending has remained resilient. Using a detailed micro dataset, we construct a measure of average retail spending for low-, middle- and high-income households.

Date: 2024-10-11
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:2024-10-11

DOI: 10.17016/2380-7172.3611

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