Answer:
Consumer spending is what households buy to fulfill everyday needs. This private consumption includes both goods and services.1 Every one of us is a consumer. The things we buy every day create the demand that keeps companies profitable and hiring new workers.2
Almost two-thirds of consumer spending is on services, like real estate and health care. Other services include financial services, such as banking, investments, and insurance. Cable and internet services also count, and even services from non-profits.
The remaining one-third of our personal consumption expenditure is on goods. These include so-called durable goods, such as washing machines, automobiles, and furniture. More frequently, we buy non-durable goods, such as gasoline, groceries, and clothing.3 4
Explanation:
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