from the New York Fed
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the April 2020 Survey of Consumer Expectations (SCE) Household Spending Survey, which provides information on individuals’ experiences and expectations regarding household spending.
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At a Glance: Findings from the April SCE Household Spending Survey
- The median year-over-year increase in monthly household spending declined to 1.0 percent in April 2020. Although the decline in the spending growth was broad-based across age, education, and income groups, it was largest for the higher-income (above $100,000) and younger (below age 40) respondents.
- The share of respondents who reported making at least one large purchase over the past four months dropped to 50.7 percent in April 2020, a 9.1 percentage point decline from April 2019. Amid the COVID-19 outbreak, the largest decline was in spending on vacations/trips, with only 12.5 percent of respondents reporting such spending over the past four months.
- The median expected growth in non-essential spending dropped to 0.2 percent in April, from 1.4 percent (1.6 percent) in December (April) 2019, respectively.
About the SCE Household Spending Survey
The SCE Household Spending Survey, fielded as part of the SCE (Survey of Consumer Expectations), provides information on consumers’ experiences and expectations regarding their spending patterns. Every four months, SCE panelists are asked details about their expectations for year-ahead changes in household spending (both in the aggregate and by category), spending on essential and non-essential items, and the likelihood of making different large purchases. The SCE Household Spending Survey also solicits information on the expected spending and saving response to an unexpected increase or decline in household income. In addition to questions about large purchases and changes in total spending over the past year, respondents are asked about the month-to-month variability in their household income.
More information about the SCE survey goals, design, and content can be found at: http://www.newyorkfed.org/microeconomics/sce.html
https://www.newyorkfed.org/microeconomics/sce/household-spending#/
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