Data Shows Fall of Goods, Rise of Services

It's well known that services are becoming a bigger part part of the U.S. economy. But it's always nice to look at the data.

The chart below shows the steady decline in the goods sector's share of U.S. national consumption since 1970.  

It's interesting to note the share of consumption spent on goods has fallen a very consistent 3% per decade over the last 3 decades.  This raises the question of how low can it go - especially given the growing interest in experiences over goods.

BTW, the same trend applies to other developed nations.