Four years later, American consumers have mostly moved on from the pandemic and are spending more on experiences than ever before.
Prioritizing experiences, however, has led to a major shift in their financial lives: The personal saving rate in the US has declined considerably.
In 2023, consumer spending on foreign trips and live entertainment rose by nearly 30 percent, according to the newspaper.
Related storiesAt the same time, perhaps predictably, the US personal saving rate has declined, according to the bureau.
In February, the personal saving rate was 3.6 percent, a drop from 4.1 percent the month before.
Persons:
—, Ulrike Malmendier, Malmendier
Organizations:
Service, Business, Washington Post, University of California
Locations:
Berkeley