Sponsored Post : In 2008 we were hit with a recession, not just in the UK but around the world. Most people will have only seen a slight change in their spending but looking at the bigger picture you can see exactly where people were spending less as well as having to spend more.
Since 2008 the cost of housing has increased by around £11 billion, with 2014 being the first time the cost dropped compared to the previous year; even then only by 1%. The cost of healthcare has also seen an increase by around £10 billion which is more than likely due to the increase in prescription charges and an increase in GP visits.
The cost of spending on food and drink saw a dip between 2009 and 2012, this will have been due to families needing to cut back on their spending but this has gradually begun to increase again.
There have been spending cutbacks in obvious places such as alcohol and tobacco as well as tourism and eating out, this will again be due to families having to save more in order to get by and these things are seen as a luxury.
The total expenditure has barely changed since 2004 but the way we have been spending what is available has varied a lot – during the recession obvious cutbacks were made to offset the increase in essentials such has housing and healthcare.
Take a look at this INFOGRAPHIC below showing the changing cost of some consumer trends.
Infographic created by swift money