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Discussion Paper
A Better Way of Understanding the US Consumer: Decomposing Retail Sales by Household Income
Changes in retail spending reflect changes in consumer demand for goods. For the past several months, retail sales estimates published by the Census Bureau have indicated that consumer demand for retail goods remains resilient. However, published measures do not provide details on which consumers’ spending has remained resilient. Using a detailed micro dataset, we construct a measure of average retail spending for low-, middle- and high-income households.