Consumers appeared to prioritize saving for the future over quickly spending before the Trump administration’s tariff policies kicked in, according to April survey data released Monday by the Federal Reserve Bank of New York.

The April survey of household spending found that the median year-over-year increase in monthly nominal household spending inched down to 4.5% in April after reaching 4.6% in December 2024. The Fed report noted that the decline was largely driven by households making less than $100,000.

The share of households that reported making a large purchase — such as on homes, vehicles, vacations, electronics, home appliances or furniture — also decreased in April, while households reported a slight increase in spending on home repairs.

The median expectation for overall nominal spending growth over the next 12 months increased to 3.3% in April from 3% in December. The median expected year-ahead growth in spending on daily living expenses for essential needs increased to 4.9% in April from 4.1% in December, according to the Fed report.

Perhaps most tellingly, the median expected growth in non-essential spending decreased from 1.5% in December to 1% in April, which is the lowest reading since August 2020 during the height of the COVID-19 pandemic.