Written by “Sea-Intelligence, as a result of analysis of U.S. consumption patterns, demand for service goods is higher compared to the average year (2019).”
Sea-Intelligence, as a result of analyzing US consumption patterns, revealed that the proportion of consumption for service goods increased significantly compared to the normal year before the pandemic (2019). Looking at the proportion of total U.S. consumption by composition, the proportion of entertainment and culture-related consumption increased by 5.2 percentage points from 12% in 2019 to 17.2% in 2023 (July cumulative, YTD). On the other hand, furniture and home appliances rose 0.7% point, automobiles and parts decreased 0.4% point, and other durable goods rose 0.6% point, remaining flat.
Change in consumption proportion by composition (‘19 vs. ‘23 (YTD))
– Consumer spending on durable goods: automobiles and parts -0.4%p, furniture and home appliances +0.7%p, other durable goods +0.6%p
– Service consumption expenditure: entertainment and culture +5.2%p
– Non-durable goods consumption expenditure: food and beverages -2.8%p, clothing +0.1%p, gas and other fuels -1.7%p, other nondurable goods 0%p
Excerpt from Sea-Intelligence news