Consumers Spend More Money on Their Vehicles in 2017
Average expenditures per consumer unit for 2017 were $60,060, a 4.8-percent increase from 2016 levels, the U.S. Bureau of Labor Statistics reported Tuesday. During the same period, the Consumer Price Index (CPI-U) rose 2.1 percent, and average pretax incomes decreased slightly by 1.5 percent.
Eight of the 10 largest components of household spending increased during 2017, including on household vehicles. Transportation expenditures were up 5.8 percent, driven by vehicle purchases, which were up 11.6 percent, following a 9.1 percent decline in 2016. Gasoline, other fuels, and motor oil expenditures were up a modest 3.1 percent, the first increase since 2012.