Statewide Iowa (RI) – The latest state data shows Iowa consumers are spending more this year. Total sales and use tax payments to the state were up three percent through October compared to the first 10 months of 2024.
Creighton University Economist Ernie Goss says there’s a pretty clear division, however, between which households are driving a surge in retail sales.
Goss says while middle- and lower-income Americans continue to spend on food, utilities and other essentials, they are pulling back on discretionary spending for things like concerts, vacations and high-end electronics.
About half of total spending in the United States comes from households making at least 250,000 dollars annually. Goss says new data suggests many upper income Americans have changed where they shop, however.
Last week, Walmart reported a 28% jump in online sales and a 4.5% increase in overall sales within the United States. Walmart operates 69 retail locations in Iowa.
KIWA Staff Photo
