What makes the U.S. economy grow?
A look at consumer spending data offers a simple if perhaps troubling answer: Increasingly, it's people buying stuff they don't need.
Any effort to separate wants from needs involves subjectivity. One person's luxury may be another's necessity. That said, some categories of spending tracked by the Bureau of Economic Analysis - such as jewellery and restaurants - consist primarily of stuff that pretty much anyone, if pressed, could do without. Such goods and services make up almost a fifth of personal consumption, or an annualized $2.3 trillion in the three months through September.
READ MORE:
• Hundreds of shoppers flock to new west Auckland mega mall
• More people buying from home