The results of the 2023-2024 Household Expenditure Survey have been published.
This survey involved gathering information on all the goods and services bought by over 2,000 people who live in Guernsey to find out the average cost of living here. The results of this survey are primarily used to update how the Guernsey inflation indices (the Retail Prices Indices and Household Costs Indices) are calculated, to make sure that they remain representative of what people in Guernsey spend their money on.
The survey showed that the overall mean average expenditure in 2023-2024 was 19% higher than in 2018-2019 (without any adjustment for inflation). For context, the overall gross income of survey respondents in 2023-2024 was 12% higher in nominal terms than 2018-2019.
After adjusting for inflation, the overall average expenditure of survey respondents in 2023-2024 was estimated to be 6% lower than in 2018-2019. The overall gross income of survey respondents was 12% lower after adjusting for inflation.
Most of the questions asked were the same as those in the previous survey from 2018-2019. However, new topics have been introduced to explore more deeply the impact on islanders post Covid among other relevant subjects ‘of the day’, which include:
- Time spent in Town or on the Bridge
- Savings
- Making ends meet
- Non-mortgage debt
- Home insulation
- Home working
- Producing food at home
This time, information on housing-related expenditure is featured separate from other expenditure for greater transparency. Information about how much money households spend online, both inside and outside the Bailiwick, is also provided.
The survey is carried out and the findings are published independent from any States Committee and at the earliest opportunity following completion, generally within 17-19 months.
Helen Walton, Head of the Data and Analysis Service, said: “Thank you to everyone who took part in the Household Expenditure Survey. Getting this data from a wide range of people across the community is important so we can make sure the inflation figures we publish each quarter remain accurate and reflect the reality of what islanders spend their money on. It also provides an updated data set to help inform policy decisions and market research.
“Following requests, we added several new topics to provide a fuller picture of household expenditure. As this is now the third survey that we’ve undertaken using the same approach, it is a richer source of information as there’s now opportunity to look back and see how our spending as islanders has changed over time.”
