The pandemic came and went, but our penchant for retail therapy is here to stay. In some states, this propensity for shopping is also a marker of an overall higher level of financial well-being—when we enjoy upward economic mobility, we’re far more likely to splurge on life’s small pleasures.

This is the fabled YOLO-spending behavior at its safest, as consumers feel reasonably comfortable spending money on nonessential purchases because “you only live once.” And no state seems to offer financial well-being quite like Colorado, at least according to a study conducted by StorageCafe.

US Discretionary Spending Has Gone Up Among Consumers

At a national level, the numbers are in, and the verdict is clear: while the 2018-2022 period saw a 22% rise in non-discretionary purchases (things like housing and utilities), there was also a 32% jump in discretionary spending during these same years, which accounts for everything from dining at restaurants to attending concerts.

In fact, Americans spent about $12,000 on nonessentials, the majority of which involved food and recreation. By 2022, households were splurging an average of $3,172 on food services and accommodations. Interestingly enough, people also spent 60% more on magazines, newspapers, and stationery than in previous years, most likely due to the rise of online subscription models among high-profile publications.

Colorado Tops The List In Consumer Spending On Nonessentials

When we talk about financial well-being, we’re talking about household income, as well as income growth and growth in high-income earners across 5 years. These are the numbers that explain why some states fare better than others in terms of nonessential spending per capita. Who’s leading the way? Colorado and Utah come out on top, while coastal states like Washington and California come next.

Now, this news might be surprising to some Coloradans, but it makes sense when you think about all that made the Centennial State stand out for the past hundred years: natural wonders that are made for camping, microbreweries famous the world over, not to mention top-notch retail stores.

But that’s just half of it. The truth is that incomes rose considerably during 2018-2022 in Colorado. We’re talking a 23.7% jump, the tenth highest in the nation. Plus, Colorado was sixth when it comes to growth in high-income earners—a respectable 10%.

All this to say that, on average, Coloradans felt comfortable spending about $15,900 on nonessentials, which is 27% of their overall spending budget. Moreover, about $4,839 went to food services and accommodations, which goes to show that our state is quite a foodie central.

Spending Habits Support Colorado’s Growing Demand for Self-Storage

With the Centennial State topping the list in financial well-being, it’s no secret that Coloradans love going out, having fun, and exploring the outdoors. But what happens when spending sprees, sports, and hobbies leave you with too much stuff? Golf bags, skiing equipment, and hiking and camping gear—all great to own but not so easy to store and organize.

Enter self-storage, an increasingly popular solution for decluttering your space while keeping your belongings safe. Coloradans are indeed searching for places to store their gear, as the state ranks second nationwide in online interest in self-storage. In terms of overall availability, Colorado is relatively well-supplied—with 8.4 square feet of self-storage per capita, it ranks 21st nationwide for storage options.

Currently, the average rent for a 10×10 storage unit in Colorado is $155, with Denver street rates averaging around $130. Boulder storage units typically rent for $158 per month.

All things considered, it’s not hard to see why Colorado stands out as a hub of financial well-being. Steady income growth makes residents willing and able to put their money into life’s little luxuries. Whether it’s dining out or indulging in recreational activities, living in Colorado just makes it a lot more likely for you to enjoy life to the fullest.

John Mali Director of Media Relations

Director of Media Relations at AboutBoulder.com

john@aboutboulder.com