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UK households have seen income growth each month for an entire year

April 29, 2024 08:00am
Asda House Sign.jfif
Asda House Sign.jfif
  • Asda’s Income Tracker was £21.50 a week higher in March 2024 than a year before

  • The Income Tracker also recorded its strongest quarterly growth since Q3 2021

  • All but one UK region witnessed annual income growth in Q1 2024

The latest figures from Asda’s Income Tracker reveal that the average UK households have seen their disposable income grow each month for an entire year.

Gross income for the average UK household grew by 10.1% and at £233 per week, was £21.50 a week higher in March 2024 than it was a year before.

This marks twelve consecutive months of growth, which has largely been driven by continued elevated wage growth, decreased energy costs and significant deceleration in core inflation which is now nearing the Bank of England’s target rate.

The UK-wide Income Tracker also recorded its strongest quarterly growth since Q3 2021, with all but one UK region, the East Midlands, witnessing annual growth in spending power.

Both Scotland and the East of England recorded spending power values above the UK-wide average in Q1, at £235 and £250 per week, respectively.

London recorded the highest spending power value at £311 per week across Q1. The capital is now the only UK region where spending power has now surpassed pre-crisis levels.

In contrast, Northern Ireland recorded the weakest spending power of £112, a £199 discrepancy when compared to the strongest value witnessed in London.

Reacting to this month’s Income Tracker, Sam Miley, Managing Economist and Forecasting Lead at Cebr who produce the Income Tracker on behalf of Asda, said:

“The Income Tracker is showing sustained improvement, as households gradually rebound from the severe impacts of the cost-of-living crisis. Consumer spending and activity is expected to be further supported by a significant reduction in inflation driven by decreased energy costs for households from April onward, along with recent policy measures, not least due to cuts in National Insurance. This is expected to result in a sharp uptick in household spending power in April.”

Asda continues to support families, communities and its colleagues by launching new propositions regularly.

Earlier this year, Asda was the first supermarket to promise a price match to both Aldi and Lidl. The retailer recently announced it was adding over 100 everyday products to the price match campaign, including household staples and branded favourites.

The initiative sits alongside Asda’s established value propositions including Price Drop and Mega Drop deals – as well as Asda Rewards.

Since launching Asda Rewards in August 2022, circa 6m customers now regularly use the Asda Rewards app and have saved over £400m in Cashpots to spend in store or online.

You can view the full report, here.

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