Americans, for the first time in history, spend more money on eating out than they do cooking at home. So how else have our spending habits changed over the years?
Just feel around your pockets and find your phone. Patrick Jankowski at the Greater Houston Partnership says we spend more on those than we ever did before.
“We are spending so much more money on those. Who would have thought we wouldn’t bat an eye at spending $700 on an iPhone when you used to have something simply plugged into the wall at home,” Jankowski explained.
Another area where we are spending more is on housing.
“Gone are the days of double digit interest rates. This allows people to buy a bigger house, or a house in a nicer neighborhood,” Jankowski said, adding that we are also willing to spend more on cars. But, we get more for our money there; they last longer than they ever used to.