Money

Household spending at pre-crisis levels

January 19, 2018 11:11·
ONS figures who household spending has finally risen above pre-credit crunch levels- with the average family laying out £554.20 last year

ONS figures who household spending has finally risen above pre-credit crunch levels- with the average family laying out £554.20 last year

According to the Office for National Statistics, the figure marks a rise of £21.20 in real terms when compared with the previous year. In the North East it was approximately £200 less at £437.

United Kingdom household spending reached a low of £511 a week in the 2011/12 financial year, but is now approaching its pre-downturn peak of £558.60, achieved in 2004/05.

The top spending category was transport, with households spending an average of £79.70 a week, a real-terms increase of £5.40 - or 14% - compared with the previous year.

Households in the 65-to-74-year-old age group allocated close to a fifth of their total spending to recreation and culture during that period, while households without children spent a higher proportion on transport than households with children.

The period covers only the start of the surge in living costs witnessed since early past year as Brexit-linked inflation began to outstrip wage growth - damaging spending power.

Recreation and culture was the second highest spending category, accounting for £73.50 a week of average household spending.

There is also a £200-a-week spending gap between households across the United Kingdom, reflecting varying incomes and costs. This was a significant increase of £5.00 when compared.The increase was largely driven by an increase in spending on package holidays overseas. This compares with 10% for the under-30s. These three regions were the only regions of the United Kingdom that had recreation and culture as the top spending category.

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The latest report marks 60 years of United Kingdom household expenditure surveys. This was driven by a few different factors, such as lower spending on housing and a higher proportion of total expenditure on package holidays.

During that time total expenditure on housing has doubled during the last 60 years from 9% to 18% while on the the other hand, the proportion of total expenditure on food has halved (33% to 16%), as has the proportion of total expenditure on clothing (10% to 5%).

Average weekly household spending in London and the South East was over £600.

Meanwhile, the proportion of household spending that goes on alcohol is the same as it was 60 years ago, after fluctuating over the decades.

Noting that this data covers the year from April 2016 to March 2017, however, the Resolution Foundation acknowledged that more recent, but less detailed, data has shown that consumer spending has slowed as household incomes have been squeezed.

The ONS said those falls may be attributable to improved choice and competition and the fact the number of people per household is now, on average, lower.

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