Housing expenses accounted for 26% of household expenses in 2020 – Economy

Housing expenditures were the largest share of household expenditures in 2020, mainly due to successive confinements due to covid-19. You data released this Monday by Eurostat indicate that 25.7% of family expenses were to pay rent/benefit for the house, water, electricity and gas.

In the year in which the pandemic spread in force in the European Union and in the rest of the world, European families saw housing expenses increase by 2.2 percentage points compared to the previous year. This increase is “consistent with the confinement and mobility control measures related to the covid-19 pandemic in the EU Member States”, indicates Eurostat.

With families spending more time at home (telecommuting or lay-off), spending on food and non-alcoholic beverages also increased (+1.8 percentage points than in 2019). The same happened with expenditure on furniture and household equipment, which registered a year-on-year increase of 0.5 percentage points. In all, spending on food and non-alcoholic beverages represented 14.8% of family expenses, while furniture and household equipment accounted for 6%.

The restrictions imposed due to covid-19 were also at the origin of the decreases registered in other family expenses, such as in the case of transport, culture and hotels and restaurants.

Spending on hotels and restaurants registered the biggest drop (-2.7 percentage points compared to 2019) in the family spending cake, representing only 6% of the total amount spent. Transport (-1.5 percentage points) and recreation and culture (-0.9 percentage points) also declined, representing 11.6% and 7.8% of total expenses, respectively.

Source: Jornal de Negócios by www.jornaldenegocios.pt.

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