A sharp increase in spending on essentials such as rent, groceries, transport costs and utility bills in July resulted in disposable incomes for the under-30’s falling by 21.6% compared to the same month last year, according to the latest Asda Income Tracker.
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 just £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 continues to eat into family budgets. This was the second-largest fall since the 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 customers are worried about rising energy prices and 87% by the increase in inflation.
To help customers during the cost of living crisis, Asda has accelerated the roll out of its new ‘Just Essentials’ budget-friendly value range. More than 220 products are now available in stores including a greater selection of fruit, vegetables, fresh meat, fish and poultry products than previously available in the Smart Price range.
The supermarket has also recently launched an online ‘Essential Living Hub’, where customers are able to see a large range of hints, tips and hacks which go beyond the weekly food shop, covering how to save energy, budget better, buy and cook smarter, entertain the kids for free and even eat out without paying a penny.