Analysts review spending habits of more than 5,000 UK households in expenditure study
British Women in their 20s spend nearly 20% more on clothes than those in their 30s and 40s, according to new research. On average women under 30 spend £10.60 a week on clothing – or £551 a year – while those in their 30s and 40s spend just £8.90 a week or £463 annually on clothes.
Women aged between 50 and 65 spend are the next biggest female spenders on clothing, averaging £535 a year. The figures come from an analysis of Office of National Statistics data by researchers commissioned by Voucherbox.co.uk.
The study also found that while younger women are leading the fashion stakes, men in their 20s are the lowest spenders on clothing.
Average annual spending by males under 30 is just £260 on clothing, less than half that of women’s. This compares to older men aged 30-49 and 50-65 age whose annual clothing bill averages £327.
Younger men also appear to be scrimping when it comes to their underwear. Men in their 20s are spending the same as pensioners on their pants – just £20.80 a year compared to women in their 20s who have an average lingerie bill of £52.20.
The study found that the total average household expenditure, including accommodation, food and heating, for people in their 20s is £28,860 a year. For households of those in their 30s and 40s it is £31,824.
The study also revealed that people in their 20s are spending a much bigger portion of their annual expenditure on housing costs and fuel bills, 23% of everything they spend, compared to 14% for households of 30-49 year olds.
However people in their 20s seem to enjoy more socialising, with households of young men and women spending £577 annually on alcohol in bars and pubs compared to £369 for households in their 30s and 40s and £436 for those 50-64.
But it is this older age group who are spending the most on alcohol when the cost of drinking at home is factored in. The total alcohol bill for households with people 50-64 is £936, for households 30-49 it is £780 and for those in their 20s it’s £832.
Across the country there are also some quite big variations in the amount being spent on alcohol. The average household in the UK spends £639 a year, Scotland has the highest average, £811, and London the lowest, £546.
The younger age group is spending more eating out – £1,019 a year, compared to £884 for households aged 30-49 and £925 for the 50-64s. But when it comes to other forms of recreation, such as going to the cinema and the theatre, households in their 20s are spending £140 a year compared to £177 for those 30-49.
Interestingly the study shows that it is households with older occupants aged 30 to 49 which are spending more to watch and take part in sport, including gym memberships – £447 a year compared to £260 for the under 30s.
It’s not only the gym memberships but in looking good generally where younger people spend less. Expenditure on personal care, which includes going to the hairdressers and buying beauty products, is £535 for households in their 20s and £156 higher for households aged 30-49.
Shane Forster, UK Country Manager for Voucherbox, who commissioned the study, stated, “With such a huge sample size of more than 5,000 households analysed it was fascinating to see what people actually spend their money on and in particular to see how that varies for men and women and by age group. For younger people a big percentage of everything they spend goes on housing costs and bills, but women in particular still seem to find the cash to keep their wardrobe fashionable.”
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