Family spending power rises by £16 a week in February
Figures from the latest Asda Income Tracker have revealed that family spending power increased by £16 a week year-on-year in February.
The supermarket found that families across the UK now have £184 a week to spend on extras, which is 9.2% higher than this time last year.
The increase in discretionary income is partly a result of a drop in the price of fuel, which fell by 16.6% year-on-year last month. In addition, the cost of food fell by 3.3% which was the steepest decline in nearly 60 years.
Asda president and chief executive Andy Clarke, said: “This month’s tracker brings positive news that discretionary incomes continue to climb. It is encouraging to see that going into the bank holiday weekend the family budget has increased by £16 since last year and this is being supported by low prices on fuel, food and energy.
“Our customers are feeling more confident yet remain prudent by continuing to spend carefully and save where they can for a rainy day. Above all our customers are looking for reasons to be confident that their discretionary income will remain stable.”
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