This study just focuses on Americans, but let’s not ignore the fact that Canada spends a lot too, and so do other First World countries.
Other notables are emerging markets like China with a population of 1.3 billion who are starting to get a taste for the ‘good Western life’.
$1.2 trillion: How much Americans spend annually on goods and services they don’t absolutely need.
A non-scientific study of Commerce Department data suggests that in February, U.S. consumers spent an annualized $1.2 trillion on non-essential stuff including pleasure boats, jewelry, booze, gambling and candy.
That’s 11.2% of total consumer spending, up from 9.3% a decade earlier and only 4% in 1959, adjusted for inflation.
What I giggled at was “pleasure boats” and “candy”, although come to think of it, they are including high-flyers and children in the mix, aren’t they?