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Wednesday, February 21, 2024

Household spending down amid slump

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Household spending has fallen for the first time in almost a decade

UK household spending has fallen for the first time in almost a decade, the Office for National Statistics has said.

Family Spending, the annual report from the ONS, found that in 2009 the average weekly household spend was £455, down from £471 in 2008.

The drop, the first since the current system of measuring was introduced in 2001-02, coincided with the global economic slowdown.

Giles Horsfield, ONS statistician and editor of the report, said higher expenditure on some housing related costs such as rent, electricity and gas was offset by lower spending on mortgages.

He added: “It’s interesting to note that expenditure fell again on clothing which took it to a record low under current methods, for the third year in a row.

“Spending also fell on household goods and package holidays, but held up on sports admissions, cinema, theatre and concerts.”

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