The current long recession is changing American spending behavior.
Based on Bureau of Labor Statistics data from 2007 and 2010, Americans have reduced expenditures on luxury items (restaurants and clothes) and more on essentials (healthcare, fuel.) The data shows that consumer spending by family unit declined by 3% to $48,109, while average prices over the same period rose 5.2%. As a result, real incomes fell by about 8%.
