Key Highlights
- New York ranks 8th among all 50 U.S. states with a three-year average personal consumption expenditure (PCE) growth of 3.63%, recording annual increases of 4.20%, 3.20% and 3.50% from 2022 to 2024.
- New York’s 3.63% three-year average PCE growth was 0.04 percentage points behind 7th-ranked Texas’s 3.67%.
- New York’s consumer spending growth was 4.0 times higher than last-place Alabama’s 0.90%.
A new analysis of U.S. Bureau of Economic Analysis (BEA) data shows New York ranking 8th in the nation for consumer spending growth. New York posted a three-year average personal consumption expenditure (PCE) growth of 3.63%, behind 1st-ranked Hawaii at 4.37% and 7th-ranked Texas at 3.67%. Alabama recorded the lowest three-year average growth at just 0.90%. The study ranked all 50 states by their average annual PCE growth from 2022 to 2024.
The study, conducted by Kendra’s Boutique Inc., analyzed personal consumption expenditure growth data from the U.S. Bureau of Economic Analysis Regional Price Parities reports for 2022, 2023 and 2024. Annual PCE growth rates were compiled for each of the 50 U.S. states. A three-year average was calculated by averaging each state’s annual growth rates across the three reporting years. States were then ranked from the highest to the lowest three-year average PCE growth to identify the states where consumers have resumed spending and those where spending remains subdued.
New York Ranks 8th Among the Top 10 U.S. States for Consumer Spending Growth
| Rank | State | PCE Growth 2022 (%) | PCE Growth 2023 (%) | PCE Growth 2024 (%) | 3-Yr Avg (%) |
| 1 | Hawaii | 4.70% | 4.70% | 3.70% | 4.37% |
| 2 | Colorado | 4.10% | 3.80% | 3.70% | 3.87% |
| 3 | Alaska | 5.70% | 2.60% | 3.10% | 3.80% |
| 4 | Idaho | 4.70% | 3.20% | 3.30% | 3.73% |
| 5 | Virginia | 2.40% | 4.20% | 4.60% | 3.73% |
| 6 | Illinois | 2.40% | 4.60% | 4.10% | 3.70% |
| 7 | Texas | 4.00% | 3.40% | 3.60% | 3.67% |
| 8 | New York | 4.20% | 3.20% | 3.50% | 3.63% |
| 9 | Vermont | -0.20% | 6.70% | 4.10% | 3.53% |
| 10 | Washington | 1.50% | 3.90% | 4.70% | 3.37% |
New York ranked 8th in the nation with a 3.63% three-year average PCE growth. New York posted its strongest growth of 4.20% in 2022, followed by 3.20% in 2023 and 3.50% in 2024. New York’s spending growth was 0.04 percentage points behind 7th-ranked Texas (3.67%) and 0.10 percentage points ahead of 9th-ranked Vermont (3.53%).
Looking at the Study, Kendra, Founder of Kendra’s Boutique Inc., Commented:
“New York’s 8th ranking in consumer spending growth reflects a strong and resilient state economy. Consumers in New York are spending with confidence on beauty, personal care, lifestyle experiences and everyday essentials, which creates growing opportunities for local businesses. For industries like beauty, retail and hospitality, this kind of sustained consumer momentum is a clear signal that New York’s market is thriving. States with slower growth may represent untapped markets with future potential, but New York is among the leaders right now.”
New York Consumer Spending Growth at a Glance
| State | Personal Consumption Expenditures 2022 (%) | Personal Consumption Expenditures 2023 (%) | Personal Consumption Expenditures 2024 (%) | 3-Yr Avg | Rank |
| New York | 4.20% | 3.20% | 3.50% | 3.63% | 8 |
New York recorded personal consumption expenditure (PCE) growth of 4.20% in 2022, 3.20% in 2023 and 3.50% in 2024, producing a three-year average of 3.63% and a nationwide ranking of 8th out of all 50 states.
Methodology
The study analyzed personal consumption expenditure (PCE) growth data from the U.S. Bureau of Economic Analysis Regional Price Parities reports covering the years 2022, 2023 and 2024. Annual PCE growth rates were compiled for each of the 50 U.S. states from three separate BEA reports published in December 2023, December 2024 and February 2026. A three-year average was calculated for each state by averaging its annual PCE growth rates across all three reporting years. States were then ranked from the highest to the lowest three-year average to identify the states where consumer spending has recovered most strongly and those where it remains most subdued.
Data Sources
Bureau of Economic Analysis – Regional Price Parities:
https://www.bea.gov/sites/default/files/2023-12/rpp1223_1.pdf
https://www.bea.gov/sites/default/files/2024-12/rpp1224.pdf
https://www.bea.gov/sites/default/files/2026-02/rpp0226.pdf
Research Dataset:
https://docs.google.com/spreadsheets/d/1ac6P8jaP5XNmAEwEGYyVt7gvLwMzzAeK9mbArpTjRHQ/edit?gid=0#gid=0
Study By:
About Kendra’s Boutique Inc.
Kendra’s Boutique Inc. is a woman-owned beauty brand specializing in luxury wigs, raw hair extensions, and HD lace products. The company is focused on entrepreneurship, business growth, beauty trends, women’s empowerment, e-commerce success, and the hair extension industry, and welcomes features in beauty, fashion, lifestyle, and business publications.
