Latest information from the Office for National Statistics (ONS) has provided an insight into household expenditure over the past 12 months. The main findings from the study were:
· Average weekly household spending remained level at £528.90 in the financial year ending 2016, coinciding with a slowdown in consumer confidence
· Low-income households continued to spend a higher proportion of their expenditure on food and energy when compared with households with a higher income
· UK households spent more than £45.00 a week on restaurants and hotels for the first time in five years
· Average weekly spending on alcohol, tobacco and narcotics fell below £12.00 for the first time.
· Over half of money spent on communication was spent on a mobile phone-related cost.
Commenting on today’s Family Spending report, ONS statistician Jo Bulman said “While overall household spending didn’t change much in real terms since the previous year, we did see some interesting shifts in the types of things people are spending their money on – for example, the average spending on alcohol and tobacco fell below £12 a household for the first time as people spend less on cigarettes. However, households spent more than £45 a week on restaurants and hotels for the first time in five years. Over half of spending on communications went on mobile phone costs.”
Will McIntyre Media & Communications Manager at Satsuma said “Today’s release from the ONS on family spending revealed how many low-income households around the UK are spending a high proportion of their income on food and energy compared to those on a higher income. It’s always worth checking if you could make your money go further by checking the latest deals from other energy providers at least once a year. I think today’s release really highlights the need for households to check their bills as often as they can to ensure they are making the most of their money.”
Data was taken in the financial financial year ending March 2016,