Household spending rose marginally in the EU last year

Household consumption expenditure rose by 0.5% in the European Union last year, new data from Eurostat has revealed.

The 2023 household spend figures are 5.7% higher than in 2022, a year that was hampered due to restrictions linked to the COVID-19 pandemic.

In terms of categories, household expenditure increased the most for restaurants and accommodation services, with a 4.6% year-on-year increase last year, followed by transport (+4.3%) and recreation, sport and culture (+3.0%).

Compared to 2021, a year affected significantly by the pandemic, household spend on restaurants and accommodation services was up 41.3%, while spend on recreation, sport and culture rose by 23.5%.

The largest decline in spend was seen in furnishings, household equipment, and routine household maintenance, which decreased by 4.9%. This was followed by a 3.7% drop in spending on food and non-alcoholic beverages and a 2.2% reduction in expenditures on alcoholic beverages and tobacco. Read more here.