Slight increase in private consumption expenditure
Private households in Saxony-Anhalt spent slightly more money on private consumption last year. Consumer spending amounted to an average of 2453 euros per month in 2022 - three percent more than in the previous year, according to the State Statistical Office on Tuesday. Compared to the national average (EUR 2846), households in Saxony-Anhalt spent around 14 percent less. However, consumer spending accounted for 74 percent of net income and was therefore 4 percent above the national average. This also means that households in Saxony-Anhalt were able to save less, according to the report.
Last year, there was a significant increase in spending on energy (up 20 percent) and petrol and diesel (up 14 percent). Energy expenditure includes both electricity and heating costs. Expenditure on food and non-alcoholic beverages rose by around 4 percent. The rise in food prices over the past two years was less pronounced than expected. The reason for this could be a certain reluctance to buy or an adjustment in consumer behavior, with more people opting for cheaper food, according to the report.
The shares of the three expenditure groups "Food, beverages, tobacco", "Housing and energy" and "Transport" in total private consumer spending only shifted marginally in the comparison of the years 2019 to 2022, according to the data. The share of "food, beverages, tobacco" amounted to around 15% in 2022 (2019: 14%). The higher expenditure on food and non-alcoholic beverages was apparently offset by lower expenditure on alcoholic beverages and tobacco products.
According to the statisticians, housing was the largest single area (35%) and was therefore roughly on a par with previous years. The slightly higher proportion of expenditure on energy compared to 2021 was offset by a lower proportion of expenditure on home maintenance. Households spent around 11% of their expenditure on transport in 2022, roughly the same proportion as in 2020.
The increase in consumer spending despite the Economic situation in Saxony-Anhalt suggests resilience among Consumers. This trend, however, resulted in households saving less compared to the national average.
The Economic situation impacting consumer behavior is evident in the slight shift in the shares of expenditure groups, with a decrease in expenditure on alcoholic beverages and tobacco products offsetting the rise in food and non-alcoholic beverages expenditure.
Source: www.dpa.com
