The chart below illustrates the basic necessity spending of a typical American household on items such as food, clothing, books, smartphones, and toiletries in the years 2010 and 2014.
There is a noticeable increase in amounts spent on these items in both years. For instance, food expenditures in 2010 were $3,600, whereas by 2014, they had risen to approximately $4,400. This indicates an increase of about $800, clearly showing that food prices rose significantly between these two years. Similarly, spending on smartphones increased by around $600 from 2010 to 2014, highlighting a similar trend.
Interestingly, clothing was the only item that remained constant, with expenditures at $2,500 for both 2010 and 2014. Toiletries also saw only a slight increase of about $100 between these years. In contrast, spending on books decreased by $500 in 2014 compared to 2010. This drop could be attributed to advancements in technology; by 2014, it became much easier to find the needed books online for free, unlike in 2010 when access to books online was limited.
In conclusion, the chart illustrates the significant differences in the costs of basic necessities between 2010 and 2014. It also reflects how advancements in technology have reduced the necessity of spending on certain items that households previously invested heavily in..