Extra £ billion spent on furniture in year ending March 2016
In 2015/16 (year ends March 2016), the average weekly amount spent on household goods and services was £35.50, equal to the amount seen in the previous year after figures have been adjusted for inflation. Spending on furniture contributed the most to this cost, where on average a UK household spent £15.80 a week. This represents 3.0% of all household expenditure, up from 2.9% in the previous financial year.
In the 2015/2016 financial year £22.3 billion was spent in the UK by households on furniture compared to £21.3 billion in 2014/15.
These figures come from an annual survey recently published by the Office of National Statistics. Apart from the headline figures, there are further spending breakdowns by income, age and region of the country. These figures however combine furnishings with furniture. The average weekly spend on furnishings is £1.60.
In 2015/16, those who spent on average the most on furniture and furnishings were aged between 50-64 years (£19.20 per week), and as one might expect, the highest income households (top 10%) spent the most (£33.40 per week) as did households in London (£23.20 per week).
At the other end of the scale, those with the lowest gross weekly incomes spent on average only £4.60 per week on furniture & furnishings and those under 30 years of age, £13.30 per week. The lowest spending region in England was the East Midlands at £14.40 per week while Scotland, at £14.00, recorded the lowest figures for the home countries.
The full report is available to BFM members.