Government’s Economics and Statistics Office (ESO) has released figures on household spending in 2015, based on its household budget survey. The ESO estimates Cayman consumers spent $1.7 billion on everything from basic furnishings to education to luxuries.
All consumer spending can be broken down into 12 categories. As per usual, housing ranks highest on the list, taking into account rent, electricity, water service and related expenses. While the sector takes up 33 percent of an average household budget, it’s a smaller bite than what was reported in 2007 when housing expenses consumed 39 percent of total consumption.
Transportation expenses were second highest on the 2015 list, followed by miscellaneous goods, then restaurant and hotel spending; food rounded out the top five categories. Out-of-pocket health expenses made up the smallest category at 2.1 percent of household consumption.
The categories applying to household staples showed slight annual growth compared to more social categories. The ESO statement says that this may indicate a change from the years immediately after Hurricane Ivan when luxuries took a back seat to basic needs.
The $1.7 billion in consumer expenditures translates to an average of $28,411 in consumer spending per household, but the figure has a wide variation. For the highest 20 percent of per capita spenders in the survey, 2015 consumption totaled $73,637. For the lowest spending 20 percent of households, 2015 consumption totaled $9,564.
To see the full results of household consumption, click here to visit the ESO website.