During the recent recession, many people had trouble staying employed and making ends meet, but that is a thing of the past.
The US economy began to show stronger signs of recovery last year, and it is expected to accelerate at a faster pace this year. As Americans are generally becoming more optimistic about the economy, they are spending more freely than they did over the past few years.
Consumer Spending in the United States
Despite relatively high unemployment, modest income growth and higher taxes, Americans are spending significantly more than they did during the recession. According to an article published in ClevelandFed.org, personal consumption expenditures account for about 70 percent of the GDP of the US, and they have climbed back to an annual growth rate of 3.8 percent following the recession.
Presently, it appears that consumers are spending more on things they need rather than things they want. Goods that last a long time, such as household appliances, furniture and cars, seem to be more sought after than temporary services such as accommodations and food services.
This may suggest that American consumers are still relatively cautious about spending, but they are nonetheless spending more optimistically.
Spending on Recreation
Recreation is an important part of people’s lives. It gives them an opportunity to take a break from the monotony of their everyday lives and enjoy their favorite activities. It also enables them to spend quality time with their family members and friends, and rejuvenate their bodies and minds.
There are many different kinds of recreational activities that people can participate in. They can get some exercise by playing sports or doing outdoor activities, or spend a relaxing time watching videos or playing games at home.
Those who have cash to burn can pamper themselves by visiting a spa or going on a vacation, or try their luck at a casino. Going to a casino is an exciting activity that provides an opportunity for people to make some extra money. Those who wish to learn about casino games can visit www.onlinecasinobluebook.com/
Shopping and Dining
When people have money to spend, they will most likely do more shopping. Unlike recreational activities, which offer temporary entertainment, shopping enables them to get something tangible that can last for a longer time.
People who have a lot of money at their disposal can purchase costlier products such as furniture, household equipment, electronic devices and jewelry, while those who do not want to spend too much can buy clothes, fashion accessories, books, stationery items, foodstuff or other products.
Having a meal at a fancy restaurant is also a great way to spend money. It allows people to enjoy good food and the company of their family members or friends in a wonderful setting.
Many Americans had to scrimp and save in order to stay afloat during the recent economic downturn. Now that the economy is recovering, some of them are gaining more financial freedom and spending more frivolously. Click here for tips on how to spend money wisely.