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4 Well-Being Among Older Adults

4 Well-Being Among Older Adults

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7.

8.

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11.

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14.

15.

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Utah:

Oregon:

New Mexico:

Connecticut:

Minnesota:

Colorado:

Idaho:

Nebraska:

Florida:

Delaware:

Wisconsin:

Arizona:

Wyoming:

Virginia:

South Carolina:

Texas:

California:

North Carolina:

Pennsylvania:

Washington:

Kansas:

Vermont:

Massachusetts:

Rhode Island:

North Dakota:

Michigan:

Maine:

Arkansas:

New York:

Maryland:

Illinois:

New Jersey:

Missouri:

Georgia:

Louisiana:

Mississippi:

Tennessee:

Alabama:

Nevada:

Indiana:

Ohio:

Oklahoma:

Kentucky:

West Virginia:



12

22

1

21

20

32

36

11

8

6

23

14

46

16

5

3

18

9

25

38

27

49

42

37

44

26

48

17

39

41

33

45

28

24

13

10

31

29

50

35

43

30

47

40



22

4

39

8

23

29

17

33

1

10

34

5

35

7

3

12

27

2

33

24

14

45

21

41

49

26

43

28

30

9

36

15

37

16

25

19

46

31

48

40

42

44

47

50



CONSUMER BEHAVIOR 2017-2018



• 85 •



21

12

25

13

5

18

15

16

31

2

6

26

20

27

47

38

34

43

8

14

17

19

22

40

1

29

36

35

32

33

23

39

28

49

50

48

44

46

45

24

30

37

41

42



8

18

27

42

19

21

9

7

26

33

16

35

3

17

11

20

38

13

37

36

30

31

32

25

28

41

15

10

45

49

50

46

34

44

24

22

14

23

48

43

47

40

29

39



15

10

5

2

19

7

20

38

8

24

18

9

32

33

28

36

6

29

11

31

35

12

17

13

39

30

27

45

14

21

22

16

41

37

43

42

44

47

26

46

40

49

48

50



10.5 Market Resources

Healthways, 701 Cool Springs Boulevard, Franklin, TN 37067. (800) 327-3822.

(www.healthways.com)

The Gallup Organization, 901 F Street NW, Washington, DC 20004. (202) 715-3030.

(www.gallup.com)



CONSUMER BEHAVIOR 2017-2018



• 86 •



PART II: SPENDING



CONSUMER BEHAVIOR 2017-2018



• 87 •



11

CONSUMER SPENDING



11.1 Consumer Contribution to the GDP

According to the Bureau of Economic Analysis (www.bea.gov), real gross domestic

product (GDP) – the output of goods and services produced by labor and property

located in the United States – was $18.56 trillion in 2015, or $57,220 per capital. GDP

growth was 2.4% in 2015. Consumer spending (i.e., personal consumption expenditures)

was $12.90 trillion, or 69.5% of GDP.



11.2 Spending Assessment

According to the Consumer Expenditure Survey, published by the Bureau of Labor

Statistics (BLS, www.bls.gov), average spending per consumer unit (which are similar to

households) was $53,495 in 2014, a 4.7% increase f rom the previous year. Spending

was distributed as follows (change from previous year in parenthesis):

• Housing:

$17,789 (3.8%)

• Transportation:

$ 9,073 (0.8%)

• Food:

$ 6,759 (8.4%)

- At home:

$ 3,971 (-2.2%)

- Away from home:

$ 2,787 (6.2%)

• Personal insurance and pensions:

$ 5,726 (3.6%)

• Healthcare:

$ 4,290 (n/a

• Entertainment:

$ 2,728 (9.9%)

• Cash contributions:

$ 1,788 (-2.5%)

• Apparel and services:

$ 1,786 (11.3%)

• All other expenditures:

$ 3,548 (8.6%)

The BLS provides regional consumer spending surveys for the following

metropolitan areas: Atlanta, Baltimore, Boston, Chicago, Cleveland, Dallas-Fort Worth,

Detroit, Houston, Los Angeles, Miami, Minneapolis, New York, Phoenix, Philadelphia,

San Diego, San Francisco, Seattle, and W ashington, D.C., available online at

www.bls.gov/cex/csxregreleases.htm.



11.3 Spending Trends

According to the Consumer Expenditure Survey, average annual household

spending (in 2014 dollars) has been as follows:



CONSUMER BEHAVIOR 2017-2018



• 88 •



















2000:

2006:

2010:

2011:

2012:

2013:

2014:



$52,303

$56,833

$52,230

$52,312

$53,042

$51,929

$53,495



_________________________________________________________________



“The average household spent $53,495 in 2014 –

3% more than in 2013, after adjusting for

inflation. This is good news and it may signal

an energized economy. Household spending

reached an all-time high of $56,833 in 2006 (in

2014 dollars). In the years since, average

household spending has fallen fairly steadily,

reaching a low of $51,929 in 2013.”

Demo Memo, 9/3/15

_________________________________________________________________



By householder demographic, household spending in 2014 was as follows:

Age

• Under 25:

$32,179

• 25-to-34:

$49,547

• 35-to-44:

$62,512

• 45-to-54:

$65,651

• 55-to-64:

$56,267

• 65 and older:

$43,635

Race/Ethnicity

• Asian-American:

• African-American:

• Hispanic:

• Caucasian:



$62,784

$38,543

$45,561

$57,403



Region

• Northeast:

• West:

• Midwest:

• South:



$57,027

$55,460

$50,527

$45,956



CONSUMER BEHAVIOR 2017-2018



• 89 •



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