A consumer economy describes an economy driven by consumer spending as a percent of its gross domestic product, as opposed to the other major components of GDP (gross private domestic investment, government spending, and imports netted against exports).
Consumer spending in the US rose from about 62% of GDP in 1960, where it stayed until about 1981, and has since risen to 71% in 2013.
- Education 2020 Homeschool Console, section Vocabluarly of Unit on "Economic Boom of the 1920s", quote: "CONSUMER ECONOMY: Definition: An economy that depends on a large amount of spending by comsumers. - school login required, accessed 12:21 PM, December 1st, 2009.
- "Personal Consumption Expenditures (PCE)/Gross Domestic Product (GDP)" FRED Graph, Federal Reserve Bank of St. Louis
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