household spends $21,378 per year on common bills, suggests that nearly one third of Americans’ yearly salary is put towards core expenses – a sizable portion of income by any measure. This number, combined with doxo’s estimate that the average U.S. Census Bureau, the median household income in the U.S. household spends $21,378 per year on the most common billsĪccording to The U.S. $5B Dental Insurance (consumer-direct portion) $112B Health Insurance (consumer-direct portion) $2.75 trillion total household bill pay spent across these categories: Bill Pay Market Size & Category Breakout Report findings include breakouts by service category, household market penetration for each type of service, and household average spend per month by state. credit card balances) – doxo’s unique, nation-wide household bill pay data specifically quantifies the actual consumer portion of total recurring bill spend and household penetration rate for each category. health insurance), and retail and discretionary spending (e.g. In contrast to other industry data sources – which often mix household recurring bill expenses with employer-paid expenditures (e.g. This proprietary dataset provides the foundation for doxoINSIGHTS’ bottoms-up market sizing of the 11 most common bills, and makes category size and average spend transparent at the national, state, and local level. income and regional demographic segments, the 2020 US Bill Pay Market Size & Category Breakout is a true and direct representation of what Americans actually pay on their bills. By incorporating tens of millions of bill payments across 30,000+ U.S. “doxoINSIGHTS reports, alongside doxo’s simple, secure, all-in-one bill pay service, comprise vital parts of our mission to empower consumers to make better decisions and gain greater control of their financial outcomes.”ĭoxo’s proprietary dataset of consumer bill pay activity generates the industry’s most accurate category and regional statisticsĭoxo’s bill pay service enables all-in-one bill pay to more than 75,000 providers across the country in 45 different service categories. By leveraging our proprietary database of consumer household payments to create doxoINSIGHTS reports, we strive to make it much more transparent and understandable for consumers, billers, and financial service providers alike,” said doxo co-founder and CEO, Steve Shivers. household spends $21,378 per year on bills, breaks out the household spending market size for each bill category, percentage of households that pay each bill, and average monthly and annual bill pay costs by state. The report, which found that the average U.S. For the first time, statistical analysis of actual household payments was used to size the market and category – across 30,000+ US zip codes and 45 types of services. consumer spending – across 11 primary bill payment categories. SEATTLE-( BUSINESS WIRE)- doxo, the innovative web and mobile bill pay service, today released its latest doxoINSIGHTS report, 2020 US Bill Pay Market Size & Category Breakout, revealing that Americans spend $2.75 trillion annually – over one fifth (21%) of all U.S.
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