Consumer economy

A consumer economy describes an economy driven by consumer spending as a high percent of its gross domestic product (GDP), as opposed to other major components of GDP (gross private domestic investment, government spending, and imports netted against exports).

In the U.S., it is usually said by economists, including in Henry Hazlitt's "Economics in One Lesson" that 70% of spending is consumer-based, but this number is disputed by economists like Businessweek columnist Michael Mandel.