Minnesota Consumer Spending Growth Slows as Inflation Squeezes Household Budgets

Minnesotans are still spending money, but the pace of growth is slowing compared to the pandemic boom years.

Spending increased 8.3% in Minnesota in 2022, less than the nearly 13% jump from 2020 to 2021.

Housing, health care, and food services remain top spending categories.

High prices for essentials like housing, gas, and food hit lower-income families hardest.

Consumers still treat themselves but may delay big purchases and watch budgets due to recession fears.