Business Services

Double boost for household spending

The ONS has reported that a rise in disposable income last year helped spending on recreation to rise by an average of 6.8%, with overall household expenditure up by 1.4%. Cars, computers, garden plants and sports were how Britons chose to spend their spare cash as the economic recovery and lower energy bills gave them an unexpected boost. Giles Horsfield, editor of the ONS Family Spending report, said: 'After years of decline we have started to see household spending rise as the economic recovery spurs consumer confidence. This includes items families have been putting off purchasing in recent years, such as new cars.' While the pace of recovery in household expenditure slowed in 2014, the improvement contributed to a rise of almost 5% over the two years since 2012. Spending on food has been level since 2011, partly because of the rise of discount supermarket chains, but spending on restaurants and hotels has begun to rise.


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