Family Spending 2023

Product Description

Average weekly household expenditure on goods and services in the UK, by age, income, economic status, socio-economic class, household composition and region plus final estimates of average household income in the UK, with analysis of how these measures have changed over time, accounting for inflation and household composition.

Main points

>li>Average weekly household expenditure was £567.70 in the financial year ending (FYE) 2023, a nominal increase of £38.90 from the previous year (7%); however, after accounting for inflation this was a real-terms decrease of £21.10 (4%).
• The greatest real-terms reduction in expenditure was in food and non-alcoholic drinks, suggesting that households are either consuming less, or where applicable, switching to lower cost or quality alternatives.
• The richest fifth of households' weekly expenditure was more than twice that of the poorest fifth of households in FYE 2023, at £857.30 and £356.90, respectively.
• The proportions of total expenditure spent on food and non-alcoholic drinks, transport, and recreation and culture have returned to FYE 2020 pre-coronavirus (COVID-19) pandemic levels, while restaurants and hotels remain below FYE 2020 levels.
• Users should be aware that because of a relatively small sample size for FYE 2023, estimates for lower-level expenditure categories in the underlying data are subject to greater uncertainty.