Households spend more dining out but cut back on booze and tobacco
The Office for National Statistics’ (ONS) family spending in the UK report showed the average weekly household spending remained level at £528.90 in the 2015/16 tax years as in the previous year.
It found that UK households spent more than £45 a week on restaurants and hotels for the first time in five years while the average weekly spend on alcohol and tobacco fell below £12 for the first time.
Based on the average total household expenditure, £72.70 each week was spent on transport, with petrol and diesel being the main contributing factor, while housing came in second place with an average weekly spend of £72.50.
The least amount of money per week was spent on health and education and it found that low income households spent a higher proportion of money on food and energy compared with higher income households.
The ONS noted that amid falling consumer confidence, though an increase in employment levels to 74.2% in the first quarter, average weekly spending hasn’t returned to the pre-economic downturn levels of spending seen before 2007.