The United States leads the world in consumption per capita, according to a recent article by Bloomberg opinion columnist Allison Schrager. An average household consumed $43,500 in goods in 2020, accounting for 67% of the GDP. The number has grown 43% since 1990.
Countries in Europe pale in comparison. Germany, for instance, had an average household consumption of $21,500 in 2020, accounting for 50% of its GDP. For Europe as a whole, household consumption per capita grew just 35% since 1990.
The rising trend in U.S. consumption, per the author, reflects the changing lifestyle that revolves around spending. Forty-three percent of American households own three T.V.’s, for instance, while clothing purchases have increased 500% since 1980. It also is a result of having more space to put things — the average U.S. home was 2,000 sq. ft. in 2015, compared to 1,700 sq. ft. in 1980.