Consumer spending for major economies as of March 2023

Consumer spending is a key driver of economic growth, and it is important to track how it is performing in major economies. The data shows that consumer spending in most major economies declined in March 2023 compared to the previous month. The average decline across all economies was 6.23%.

There are a number of factors that could be contributing to the decline in consumer spending. One factor is rising inflation, which is making it more expensive for consumers to buy goods and services. Another factor is the ongoing war in Ukraine, which is causing uncertainty and volatility in the global economy.

Despite the decline in consumer spending, there are some positive signs. For example, in the United States, consumer spending rose by 0.93% in March 2023, which was better than expected. This suggests that the US economy is still growing, albeit at a slower pace than in previous months.

Overall, the data suggests that consumer spending is slowing down in major economies. This is a concern for policymakers, as it could lead to slower economic growth. However, there are some positive signs, such as the recent increase in US consumer spending. It remains to be seen whether consumer spending will continue to decline or whether it will start to rebound.

Source: https://tradingeconomics.com/country-list/consumer-spending?continent=g20