According to columnist Jonathan Lansner, California's consumer spending growth slowed the second most of any US state over more than a decade, behind only Oregon. Bureau of Economic Analysis data show Californians spent $2.8 trillion in 2025, the most in the nation and 13% of the $20.9 trillion total. After adjusting for inflation, state spending grew 16% over the latest six years, ranking 29th and trailing the national 19%, versus a 24% gain before the pandemic that ranked seventh. That 8-percentage-point slowdown put California among 13 states with declining growth rates. The columnist suggests cash-strapped consumers and slow population growth from high living costs are likely causes, which also hurts local merchants and service providers.
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Original headline: California consumer spending sees second - largest cooling in US
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Californiacost of livingretailconsumer spending
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Related tickers and likely impact
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/21/2026 | 773.09 |
| Change that session | +0.53% |
DXY
▼ Likely negativeRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/21/2026 | 101.70 |
| Change that session | 0.00% |
XAU/USD
▲ Likely positiveRelevance: low
| Market | Gold |
|---|---|
| Close on 10/21/2026 | 4,141.17 |
| Change that session | +0.39% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- California consumer spending sees second - largest cooling in US
California's inflation-adjusted consumer spending grew 16% over the six years ending in 2025, down from 24% in the six years through 2019, the nation's second-largest slowdown after Oregon. Californians spent $2.8 trillion in 2025, 13% of the nation's $20.9 trillion total, but the state's growth ranked only 29th among states, below the national 19% gain. The columnist attributes the slowdown to cash-strapped households cutting back to essentials and slow population growth amid the state's high cost of living. Slower spending growth also hurts the state's merchants and service providers. California was one of 13 states whose growth rate declined.
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On October 15, the NRF forecast that US holiday retail sales in November and December would rise 4.2% year on year to $1.013 trillion, the first time they would top $1 trillion, after 3.1% growth to $972 billion in 2025, though it gives no separate jewelry projection. A September McKinsey survey of 4,013 consumers found 43% expected to spend less on jewelry over the next three months. Mastercard projects 5.5% growth from November 1 to December 24, excluding gasoline and autos, and notes that over 35% of in-store spending on jewelry, handbags, department stores and cosmetics in the 2025 season occurred in the final week before Christmas. The NRF cites persistent inflation, higher gasoline prices, high interest rates and household debt, and expects 325,000 to 375,000 seasonal hires, versus about 356,000 last year. The article suggests jewelry retailers may have to compete harder for discretionary spending.
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