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In 2020 shopping eased the long months at home

Submitted by tim on

Public Assets Institute No surprise, Vermonters cut back their consumer spending in the first year of the COVID-19 pandemic. The US Bureau of Economic Analysis released data recently showing that Vermonters spent $1.2 billion less in 2020 than the year before (SEE FULL TABLE BELOW). That was about a 4 percent drop.

But while people stopped shelling out for hotels, restaurant meals, and trips to the dentist, some appear to have made the most of being stuck at home. Spending on garden tools and equipment rose almost 14 percent, or $10 million, and on books and periodicals more than $35 million.

Vermonters spent less on health overall, yet paid the pharmaceutical companies almost $50 million more than the previous year. Travel restrictions cut into trips abroad, and the shutdowns of large gatherings nearly wiped out spectator activities, where spending fell more than 70 percent.

THIS MONTH

Vermont’s unemployment rate dropped a little in November (two-tenths to 2.6 percent). On one hand, that’s good news. On the other, lower unemployment meant fewer people looking to fill the 20,000-plus job openings employers reported in October. Private employers added 300 new jobs in November.

US Bureau of Economic Analysis

U.S. Bureau of Economic Analysis annual personal consumption expenditures 2019 2020 Change
Vermont personal consumption expenditures (millions of current dollars) $30,756 $29,545 -3.9%
Household consumption expenditures $28,868 $27,525 -4.7%
Food and beverages purchased for off-premises consumption $2,518 $2,755 9.4%
Food and nonalcoholic beverages purchased for off-premises consumption $2,159 $2,349 8.8%
Alcoholic beverages purchased for off-premises consumption $357 $403 13.2%
Food produced and consumed on farms $2 $3 25.0%
Clothing, footwear, and related services $585 $523 -10.6%
Clothing $487 $435 -10.7%
Garments $453 $403 -10.9%
Women's and girls' clothing $264 $235 -11.2%
Men's and boys' clothing $156 $140 -10.4%
Children's and infants' clothing $32 $29 -10.8%
Other clothing materials $14 $15 5.7%
Cleaning, repair, and rental of clothing $20 $17 -16.7%
Laundry and dry cleaning services $15 $13 -15.6%
Clothing repair, rental, and alterations $5 $4 -20.4%
Footwear $98 $88 -10.2%
Housing, utilities, and fuels $5,791 $5,986 3.4%
Housing $5,067 $5,273 4.1%
Rental of tenant-occupied nonfarm housing $775 $804 3.8%
Imputed rental of owner-occupied nonfarm housing $4,168 $4,291 2.9%
Rental value of farm dwellings $118 $173 45.7%
Group housing $5 $5 -3.9%
Household utilities and fuels $724 $713 -1.5%
Water supply and sanitation $96 $105 9.7%
Electricity, gas, and other fuels $629 $609 -3.2%
Electricity $317 $325 2.5%
Natural gas $172 $162 -5.8%
Fuel oil and other fuels $140 $122 -12.8%
Furnishings, household equipment, and routine household maintenance $1,142 $1,201 5.1%
Furniture, furnishings, and floor coverings $378 $402 6.3%
Household textiles $105 $112 6.8%
Household appliances $130 $136 4.4%
Glassware, tableware, and household utensils $90 $95 5.2%
Tools and equipment for house and garden $71 $81 13.9%
Other household goods and services $368 $375 2.0%
Health $6,817 $6,560 -3.8%
Medical products, appliances, and equipment $1,225 $1,268 3.6%
Pharmaceutical and other medical products $1,099 $1,148 4.4%
Pharmaceutical products $1,087 $1,136 4.5%
Other medical products $12 $12 -1.6%
Therapeutic appliances and equipment $125 $121 -3.8%
Outpatient services $2,094 $1,962 -6.3%
Physician services $922 $869 -5.8%
Dental services $317 $241 -24.1%
Paramedical services $855 $852 -0.3%
Home health care $282 $283 0.2%
Medical laboratories $15 $15 2.8%
Other professional medical services $558 $554 -0.6%
Hospital and nursing home services $3,499 $3,330 -4.8%
Hospitals $3,081 $2,917 -5.3%
Nursing homes $418 $414 -1.1%
Transportation $2,856 $2,440 -14.6%
Motor vehicles $1,098 $1,094 -0.4%
New motor vehicles $768 $746 -2.8%
Net purchases of used motor vehicles $330 $348 5.4%
Motor vehicle operation $1,387 $1,170 -15.7%
Motor vehicle parts and accessories $175 $181 3.0%
Motor vehicle fuels, lubricants, and fluids $671 $489 -27.1%
Motor vehicle maintenance and repair $438 $416 -5.0%
Other motor vehicle services $103 $84 -18.0%
Public transportation $371 $176 -52.6%
Ground transportation $165 $86 -47.7%
Air transportation $193 $85 -56.1%
Water transportation $13 $5 -61.9%
Communication $325 $314 -3.6%
Telephone and related communication equipment $22 $17 -24.8%
Postal and delivery services $19 $19 0.5%
First-class postal service by U.S. Postal Service (USPS) $11 $10 -4.7%
Other delivery services (by non-USPS facilities) $9 $9 7.1%
Telecommunication services $193 $188 -2.7%
Internet access $91 $90 -1.2%
Recreation $2,488 $2,209 -11.2%
Video and audio equipment, computers, and related services $449 $465 3.7%
Video and audio equipment $112 $114 1.4%
Information processing equipment $161 $171 6.6%
Services related to video and audio goods and computers $176 $181 2.6%
Sports and recreational goods and related services $536 $588 9.5%
Sports and recreational vehicles $167 $179 7.3%
Other sporting and recreational goods $337 $385 14.5%
Maintenance and repair of recreational vehicles and sports equipment $33 $23 -29.8%
Membership clubs, sports centers, parks, theaters, and museums $483 $204 -57.8%
Membership clubs and participant sports centers $117 $38 -67.7%
Amusements parks, campgrounds, and related recreational services $172 $92 -46.9%
Admissions to specified spectator amusements $158 $44 -72.5%
Motion picture theaters $31 $6 -81.0%
Live entertainment, excluding sports $92 $27 -70.7%
Spectator sports $35 $11 -69.5%
Museums and libraries $35 $31 -11.7%
Magazines, newspapers, books, and stationery $369 $405 9.9%
Gambling $261 $200 -23.3%
Pets, pet products, and related services $297 $304 2.2%
Photographic goods and services $21 $15 -28.4%
Package tours $72 $28 -61.4%
Education $776 $745 -4.0%
Educational books $17 $17 1.2%
Higher education $506 $496 -2.1%
Nursery, elementary, and secondary schools $132 $129 -2.6%
Commercial and vocational schools $121 $104 -14.2%
Food services and accommodations $2,092 $1,461 -30.1%
Food services $1,554 $1,207 -22.3%
Purchased meals and beverages $1,501 $1,165 -22.4%
Food furnished to employees (including military) $53 $42 -20.1%
Accommodations $538 $255 -52.7%
Financial services and insurance $1,815 $1,810 -0.3%
Financial services $1,130 $1,140 0.9%
Financial services furnished without payment $623 $620 -0.4%
Financial service charges, fees, and commissions $508 $520 2.5%
Insurance $684 $670 -2.2%
Life insurance $189 $190 0.3%
Net household insurance $28 $28 -0.7%
Net health insurance $301 $293 -2.8%
Medical care and hospitalization $205 $206 0.4%
Income loss $7 $7 -1.4%
Workers' compensation $89 $80 -10.2%
Net motor vehicle and other transportation insurance $166 $159 -4.2%
Other goods and services $1,688 $1,594 -5.6%
Personal care $452 $375 -17.0%
Personal items $140 $131 -6.4%
Social services and religious activities $538 $528 -1.8%
Professional and other services $308 $298 -3.5%
Legal services $159 $160 1.2%
Accounting and other business services $56 $53 -5.9%
Labor organization dues $30 $29 -0.3%
Professional association dues $22 $12 -44.1%
Funeral and burial services $42 $43 1.0%
Tobacco $250 $262 4.8%
Net foreign travel and expenditures abroad by U.S. residents -$24 -$72 202.9%
Foreign travel by U.S. residents $420 $119 -71.7%
Less: Expenditures in the United States by nonresidents $444 $191 -57.0%
Final consumption expenditures of nonprofit institutions serving households (NPISHs) $1,888 $2,020 7.0%
Gross output of nonprofit institutions $4,341 $4,340 0.0%
Less: Receipts from sales of goods and services by nonprofit institutions $2,453 $2,319 -5.5%
Legend / Footnotes:
1/ All personal consumption expenditures (PCE) estimates are in millions of current dollars (not adjusted for inflation). Calculations are performed on unrounded data.
Last updated: October 8, 2021-- new statistics for 1997-2020.

Source: Public Assets Institute, Montpelier 12.17.2021. US Bureau of Economic Analysis