Family’s discretionary income reached £200 a week last month, according to Asda’s latest Income Tracker – an all time high since the tracker was established in 2008.
The data revealed that families enjoyed a £12 (6.3%) a week boost to spending power compared to April last year, with this rise marking the 18th consecutive month of double-digit growth. This was driven by falling prices in essential items such as food and transport costs. Whilst below levels seen last year, wages also increased.
Andy Clarke, Asda president and CEO said: “April was the first time that discretionary income reached the £200 level since the Asda Income Tracker began, which is a significant milestone for consumer spending power. Double-digit growth in household income is clearly good news for UK consumers, although we continue to see them take a prudent approach to spending on everyday items.
“Looking ahead, the outlook remains cautiously optimistic, which is encouraging and should give consumers a boost as we head into summer. Although, whilst inflation is likely to recover over the coming year, the uncertainty over the EU referendum makes it difficult to forecast long term consumer confidence.”
Read the full report here