Drop in spending on clothes and holidays

According to a recently released report there has been a drop in spending on clothes and holidays, with many families having cut the amount that they spend on clothes and package holidays even before the full effects of the global credit crunch were known. The report comes from the Office for National Statistics as part of its family expenditure research.

The report goes on to show that in 2007 the largest chunk of family income went on transport costs, with an average £61.70 per week being spent on transport costs. Leisure activities, housing costs, and fuel also took up large amounts of the average family income according to the report. However, the details on the report reflect the pattern in family spending before the global credit crunch took full effect.

It was also found that the average household was spending more per week on gambling, with an average £3 a week on this activity, than on some other leisure activities such as going to the theatre or going to the cinema. There was in an increase in the number of homes with computers, so costs in this area also went up.

A significant level of income also went on paying for food and drink, and it was found that almost 70 percent of food and drink items had been purchased at supermarkets.