This week’s chart underscores a major evolution in consumer spending habits: health care has overtaken both groceries and housing as the largest share of U.S. household expenditures. As shown, health care spending has steadily increased since the 1960s and now represents one of the most significant components of household budgets. This structural trend reflects not only rising medical costs and insurance premiums, but also an aging population and growing demand for health-related services and products. For investors, it’s a reminder of how shifts in consumer spending can reshape the broader economy over time—and the importance of staying attuned to long-term trends when evaluating risk, planning, and portfolio positioning.