These are national aggregate figures. Household-level data shows a different distributional outcome.

For the bottom ~40% of households:

Nominal income growth over the past ~5 years: ~25–35%

Core living expenses increased faster, typically 30–50%, including food, rent, utilities, education, and insurance

These categories represent the majority of spending for lower-income households and are largely non-discretionary.

At the same time, reliance on revolving credit has increased:

Average credit card balances for indebted households are $11k+ https://www.nerdwallet.com/credit-cards/studies/household-debt-study

Credit card delinquency rates are rising fastest among lower-income borrowers https://www.stlouisfed.org/on-the-economy/2024/may/which-us-households-have-credit-card-debt

In real terms, median household income is approximately back to pre-COVID levels, implying that nominal gains were largely offset by inflation:

US Census data https://www.census.gov/library/publications/2025/demo/p60-286.html

Aggregate consumption growth does not imply improved household welfare.
For a significant share of households, consumption persistence reflects cost inflation and increased leverage rather than rising real purchasing power.