Brits Laughing all the way to the Bank (Holiday)
Families are feeling flush in the lead up to the bank holiday, as Asda’s latest Income Tracker reveals Brits had an extra £17 a week to spend in July compared to a year ago
- The average UK household had £190 a week of discretionary income in July 2015, up by £17 a week on July 2014
- Families can continue to stock up on their favourite summer snacks thanks to a 2.7% decrease in the price of food and drink compared to this time last year
- The cost of vehicle fuels fell by 11.4%, helping to ease the burden of long car journeys
- DIY fans can make the most of a 2.8% fall in the price of home furnishings
Brits will feel less pressure financially this bank holiday, with insights showing families have more money to spend on the things they want to do this summer, rather than what they need to do. Asda’s latest Income Tracker has revealed families across the UK now have £190 a week in disposable income, an increase of £17 a week on the same time last year.
The good news continues for those driving to visit nearest and dearest. With the price of vehicle fuels falling by 11.4% since the same time last year, families have more freedom to get away and visit loved ones, with reduced prices at the pump giving some comfort to those who might find themselves on busy roads.
Falling food and drink prices are providing families with even more reason to stock up on supplies for a day at the beach, lunch at home with friends, an evening BBQ, or those last minute dinnertime plans. Since July 2013, food prices have dropped 6.7%, meaning Brits across the country will be able to indulge a little bit more this bank holiday.
Asda Chief Executive Andy Clarke said: “As the summer holidays draw to an end, families everywhere are likely to be planning how to make the most of the August bank holiday and this month’s Income Tracker brings yet more good news to what has already been a positive summer for household budgets.
“Our customers continue to tell us they’re enjoying spending money on the things they want to do rather than need to do, so it’s reassuring to see that food inflation continues to be in decline and diesel prices are falling across the country. I’m sure this will be a further welcome relief to those planning a weekend getaway and those holding the purse strings.”
With disposable income on the rise, more and more Brits are celebrating the 9.7% increase in spending power by treating themselves to a meal out, supporting reports which are suggesting the market is continuing to recover.
However, with wet and windy weather forecast for some areas over the long weekend, a 2.8% price decrease in home furnishings means that now is the perfect time for an end-of-summer spruce up. DIY fans will be thrilled to know that they can spend time on their pet projects and work their magic indoors, with a little help from the family on a rainy day.
Sam Alderson, Economist at Cebr said:
“The summer holiday period can be a difficult time for household finances; particularly for those families with children to look after during the school holiday break.
“With spending power rising, the summer season has hit full swing and spending on leisure activities has grown strongly. Hopefully, this has helped to ease some of the other stresses parents face in the lead up to the bank Holiday.”