Americans are spending more on travel and live entertainment. But their personal saving rate has taken a dip. [Video]

During the earliest stages of the COVID-19 pandemic, many Americans reminisced about the things that used to bring them joy. They never stopped thinking about that last big trip with their families or that last in-person concert they enjoyed with friends.

Four years later, American consumers have mostly moved on from the pandemic and are spending more on experiences than ever before.

Prioritizing experiences, however, has led to a major shift in their financial lives: The personal saving rate in the US has declined considerably.

The Washington Post recently reported on how consumers in the US have embraced a sort of YOLO — or “you only live once” — mindset. In 2023, consumer spending on foreign trips and live entertainment rose by nearly 30 percent, according to the newspaper.

Spending levels have so far continued to rise in 2024, too. In February, personal consumption expenditures increased by $145.5 billion compared to January, with $111.8 billion spent on services, according to the Bureau of Economic Analysis.

At the same time, perhaps …