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The growing share of spending on recreation : It’s not all fun and games, but there’s definitely more

Summary:
[embedded content] The FRED Blog illuminates interesting graphs from the growing library of FRED data. We often discuss heady and thoughtful topics, but we also showcase the fun side of data. And from the looks of today’s graph, we’re not alone in seeking out the sunny side of the street… The FRED graph above shows the percent of real personal consumption expenditures devoted to recreational goods and services. Between 2002 and 2019, this share has almost constantly increased. (The sole exception being the dip between 2008 and 2009, during the Great Recession.) To be precise, the share of recreational expenditures has increased 57%, which is worth more than half a smile. In a recent post, we saw that at least some forms of recreation were booming even during the pandemic in 2020.

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The FRED Blog illuminates interesting graphs from the growing library of FRED data. We often discuss heady and thoughtful topics, but we also showcase the fun side of data. And from the looks of today’s graph, we’re not alone in seeking out the sunny side of the street…

The FRED graph above shows the percent of real personal consumption expenditures devoted to recreational goods and services. Between 2002 and 2019, this share has almost constantly increased. (The sole exception being the dip between 2008 and 2009, during the Great Recession.) To be precise, the share of recreational expenditures has increased 57%, which is worth more than half a smile.

In a recent post, we saw that at least some forms of recreation were booming even during the pandemic in 2020. Sales at sporting goods, hobby, musical instrument, and book stores from July 2019 to July 2020 increased 18.7%. We’ll be sure to revisit this topic when more data come in.

How this graph was created: Search for and select “Real personal consumption expenditures: Durable goods: Recreational goods and vehicles.” From the “Edit Graph” panel, use the “Edit Line 1” tab to customize the data by searching for and selecting “Real personal consumption expenditures: Recreation services” and “Real Personal Consumption Expenditures.” Next, create a custom formula to combine the series by typing in ((a+b)/c)*100 and clicking “Apply.”

Suggested by Diego Mendez-Carbajo.

About FRED Blog
FRED Blog
The Federal Reserve Bank of St. Louis is the center of the Eighth District of the Federal Reserve System. This District includes Arkansas, eastern Missouri, southern Illinois and Indiana, western Kentucky and Tennessee, and northern Mississippi.

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