Families across the UK are doing better financially than they were prior to the COVID-19 pandemic, according to a new report released by supermarket chain Asda.
Households from London to Scotland and the East Midlands are enjoying a double-digit growth in disposable income as inflation continues to remain low at 1.7%. In fact, Asda’s quarterly Income Tracker noted a 12.7% average improvement per family during Q3, or £248 in extra funds after all spending.
Even areas that had struggled to gain backing footing in the tough economic environment are seeing an additional £10 since the pandemic, to £257 per week.
“The stronger-than-expected fall in inflation in September has helped to support spending power growth, taking three regions’ spending power above their respective pre-crisis peaks,” says Sam Miley, Managing Economist and Forecasting Lead at Cebr. “Further improvement in the Income Tracker is expected for the rest of this year and into next, with income growth outweighing inflation.”
There is some concern, however, that changes to the upcoming Budget may reverse some of that. Still, it’s hard to not see the positives.
In Scotland and East Midlands, disposable income has jumped by 14.7% in 2024. In London, where disposable incomes have blasted through pre-pandemic figures, families have more than £320 after essentials are paid.
One notable outlier is Northern Ireland, where families are still seeing just £129 per week after all necessary expenses are taken care of.
Asda is one of many retailers continuing to try to assist and support customers through a number of initiatives, most notably price cuts on many items in stores and online. Asda has also invested strongly in communities, including Cashpot for Schools, which has raised some £3.5 million for primary schools across the UK.
