Unemployment is low, wages are rising, and confidence is high, despite ‘perfect storm’ conditions, retail sales remain somewhat subdued. In this Ethos instalment we examine the health of the U.S. consumer, and look into which industries are benefiting from spending. Consumer credit is still growing, but we’re starting to see some cracks. The days of big ticket purchases may be behind us, with the focus now more on experience. This is the first of a two-part series on the U.S. consumer.