By Alicia Wallace, CNN Business
After being trapped in 2020 as a rapidly spreading, deadly virus that limited most aspects of daily life, U.S. consumers spent money on entertainment in 2021, according to data released Thursday by the Bureau of Labor Statistics.
That is 22.7% more than in 2020 and exceeds the level of 2019 by slightly more than 15%. The amount US consumers have spent on items such as RVs, boats, concert tickets, sporting events, pets, toys and televisions is the highest ever and the largest gain among spending categories.
The amount consumers spent on housing was also the highest on record, up more than 9% from 2019. The share of total housing spending was 33.8% last year, down 34.9% in the previous year. nest-heavy 2020, but up 1 percent since 2019. Last year, home prices rose 18.8%, the largest increase in 34 years, according to S&P CoreLogic Case-Shiller US National Home Price Index.
The BLS Consumer Spending Survey illustrates how much spending patterns have changed over this historic period. Total spending for the year outpaced income growth with spending levels 9.1% above 2020 and 6% higher than 2019.