GDP = Consumption + Investment + Government spending + Net exports [0]
The investment component is dependent on companies' expectations about consumption (or other companies' investment, or government spending) in the future, and obviously the net export component depends on consumption in other countries. So in that sense the ~70% [1] due to direct consumption understates the true importance of consumer spending to GDP.
The investment component is dependent on companies' expectations about consumption (or other companies' investment, or government spending) in the future, and obviously the net export component depends on consumption in other countries. So in that sense the ~70% [1] due to direct consumption understates the true importance of consumer spending to GDP.
[0] https://en.wikipedia.org/wiki/Gross_domestic_product#Compone...
[1] https://fred.stlouisfed.org/series/DPCERE1Q156NBEA