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Just how much has U.S. consumer spending for home-related purchases decreased over the past couple of years? According to Deloitte’s Global State of the Consumer Tracker, plans to buy home furnishings and other home-related purchases have eroded fairly steadily.
Looking at the oldest data available from Sept. 26, 2021, U.S. consumers planned to allocate 8% of their share of wallet over the next four weeks toward home-related purchases. Broken down by age group, it was 10% for those 18 to 34, 9% for those 35 to 54 and 4% for the 55 and older group.
A year later, however, on Sept. 26, 2022, the oldest group’s number declined to 3% of their share of wallet for home purchases over a four-week period. For the 35 to 54 group, it dropped two percentage points to 7%, while the Gen Z and Millennial group declined to 9%. Among all age groups combined, share of…
