849 Publishers not making cents

Not a statistic that a librarian or book seller wants to read, but according to AdAge, we're spending a lot less on reading today than we did 50 years ago.

"The share of money spent on entertainment has hovered around 5% since 1950, but priorities have shifted. Spending on consumer electronics has soared; spending on newspapers, magazines and books has plummeted. The average household apportioned just 0.3% of spending ($127) for reading materials in 2003, down from 1% ($51, or $317 adjusted for inflation) in 1960.

The rich, who also are more educated, spend more money on print media and books than the poor do. But don’t read too much into that. It turns out households in every quintile of income spent the same average 0.3% of budget on reading in 2003. For publishers, that doesn’t make cents."

We're spending a lot less on food and a lot more on "other," according to the article that appeared in American Demographics.

Complete story about "What U.S. Consumers Buy and Why" with downloadable charts at AdAge.com. (Might require registration.)