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Asda finds under-30s have seen huge drop in disposable income

Asda has found that a sharp increase in spending on essentials such as rent, groceries, transport costs and utility bills led disposable incomes for the under-30s… View Article

FOOD & DRINK

Asda finds under-30s have seen huge drop in disposable income

Asda has found that a sharp increase in spending on essentials such as rent, groceries, transport costs and utility bills led disposable incomes for the under-30s to fall by 21.6% last month compared to July 2021.

According to the supermarket’s latest Income Tracker, essential spending in the age group rose by 12.5% year-on-year in July to £774 per week, which left individuals and families in the demographic with a disposable income of just £150 per week after paying taxes and bills.

In addition, the report shows that household disposable income for all demographics reduced by 16.5% year-on-year in July as people struggled against soaring living costs. This was the second-largest fall since the Income Tracker was first published in 2008 and means that households were on average £40.21 per week or £160.84 per month worse off compared to July 2021.

Asda has also revealed that its Mindset Tracker shows that 89% of customers are worried about rising energy prices and 87% by the increase in inflation.

The supermarket has recently accelerated the roll out of its new ‘Just Essentials’ budget-friendly value range to more than 220 products. These now include a wider selection of fruit, vegetables, fresh meat, fish and poultry products than were previously available in its Smart Price range.

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