The pandemic marked a before and after in the spending habits and values of Spaniards They spend less on food and drink compared to 2019 and more on travel, restaurants, hotels and electronic equipment.
In addition, the consumer confidence survey coordinated by the European Central Bank shows that, looking ahead to the next 12 months, Spaniards are willing to moderate consumption of durable goods (such as cars and household goods). But they don’t want to spend less on vacations. 50% of those surveyed expect to spend a significant amount of time and money on holidays in the next 12 months (compared to 40% in the same month last year).
Different spending patterns, less money for food
According to data from the classification of household consumption expenditures by target updated by the National Statistics Institute (INE) at the end of September, household spending on food and non-alcoholic beverages is 20% higher than in 2019. But price increases aside, consumption in real terms has fallen by 11% over the past five years. Households in particular now use 30% fewer litres of oil than they did then, 16% less loaves of bread or 15% fewer kilos of fruit (although it costs more).
As with food, where rising prices have led to a reduction in consumption, the rise in interest rates in recent years has led to a greater reduction in household indebtedness. Although households pay twice as much for financial services as in 2019, this expenditure fell by 11.5% in real terms.
More money spent on hospitality, travel, computer equipment
On the other hand, the (real) consumption of overnight stays has almost doubled in the past five years (a real increase of 92.8%). Spending on bar, restaurant and delivery services increased by almost 19% (excluding inflation). There has also been a strong increase in real consumption of package holidays (22.7%), cultural goods (46%) and durable goods for leisure (28.5%).
In addition, the consumption of computer devices and communication (90% more) and software (124% more, excluding games) has grown enormously.
Electricity and gas
In the case of electricity and gas supply to households, in 2023 there was a significant rebound in consumption of 23% compared to the previous year (in volume), which coincided with the moderation in prices that followed the explosion of the previous two years. As a result, this consumption in 2023 was 37% higher than in 2019 (in volume).
More services purchased, fewer goods
Overall, data on spending patterns point to a shift in household consumption from goods to services. The purchase of vehicles increased by 0.5%, while passenger transport almost doubled (90% more). Real spending on clothing and footwear was 1.4% lower in 2023 than in 2019.