Household spending on goods and services is known as consumption spending.
Explanation:
Consumption spending is the purchasing of goods and services by individuals or families. At the macroeconomic point, it is the bulk of aggregate demand. Household spending is the amount resident households pay for end-consumption spending to meet their daily needs.
Consumer spending is the overall money that individuals and households spend on the final goods and services for personal use and pleasure in an economy. Consumer spending is a major economic driving factor and a central principle in economic theory.
