Income Reigns Supreme: How Spending Habits Shape Global Economies
Consumption is a key economic indicator in countries, and this study looks at what factors influence it. The researchers analyzed data from 20 OECD countries over the years 1999-2012, as well as data from five individual countries. They found that income is the main factor affecting consumption, with durable goods being more sensitive to changes than non-durable goods. People also tend to adjust their spending based on their expectations of future income, especially during uncertain times.