UK families enjoyed another increase in spending power last month, as weekly discretionary income for May reached £201 – an all time record high for Asda’s monthly Income Tracker.
The latest data revealed that family spending power rose by £13 (7.2%) a week, compared to the same month last year – the highest rate of growth since November 2015. This increase also marks the 19th consecutive month that the growth in discretionary income has remained in double digits.
The retailer said that a combination of the falling cost of essential items, a drop in unemployment levels, and a boost to earnings following the introduction of the National Living Wage, all contributed to the latest rise in disposable cash.
An Asda spokesperson, said: “The amount of discretionary income recorded by Asda’s Income Tracker reached an all-time high, which is very encouraging and demonstrates continued consumer confidence.”
However, they added: “While costs continue to fall for UK households and spending power growth begins to accelerate once more, the long term picture is more difficult to predict as we wait to see the impact of the EU Referendum’s decision on the nation’s pockets.”