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More Clothes, Less Spending
- Americans buy many more clothing items now but spend a smaller share of their income on them compared to the 1980s.
- This shows huge growth in consumption driven by lower prices and possibly lower item quality.
U.S. Consumers Dominate Globally
- Americans make up about one-third of global consumer spending but only 4% of the world's population.
- Their high productivity and wages naturally make them the biggest consumers worldwide.
Pandemic Spending Spree
- During the pandemic, Americans saved money due to government stimulus and limited spending options.
- They later spent heavily on goods, especially home fitness equipment, outspending global averages.