NOT QUITE TRUE: PEOPLE WANT MORE SERVICES (AND LESS THINGS)
More Spotify, less Heineken? More Six Flags, and less Toyota Camrys?
In a previous post, I cited Deloitte's "2017 Travel and Hospitality Industry Outlook," which has this nifty chart in it, which is compiled by crunching data from the Bureau of Labor Statistics:
Now the issue with this, according to research published by Dr. YiLi Chien (Senior Economist, Federal Reserve Bank of St. Louis), is "the components of total consumer spending are not necessarily good indicators of the real share of consumption because the components can have different inflation rates."