The Asda Income Tracker shows a sharp increase in spending on essentials such as rent, groceries, transport costs and utility bills in July, resulting in disposable incomes for the under-30’s falling by 21.6% compared to the same month last year.
The data shows that essential spending amongst the under-30’s rose by 12.5% year-on-year in July to £774 per week, leaving individuals and families in this demographic with a disposable income of only £150 per week after paying taxes and essential bills.
Household disposable income for all demographics reduced by 16.5% year-on-year in July as soaring living costs continued to eat into people’s budgets. This was the second-largest fall since the Asda 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.
These increases are unsurprisingly causing concern for customers, with the Asda Mindset Tracker showing that 89% of its customers are worried about rising energy prices and 87% by the increase in inflation.
The supermarket recently rolled out its new ‘Just Essentials’ value range, with pricing either matching or beating the discounters. Asda has also launched an online ‘Essential Living Hub’, where its customers are able to access hints, tips and hacks on how to save money.
