Spending on education of families grows 37 percent
Spain is in a phase of economic recovery since it began 2014, after the prolonged crisis that the country experienced since the second half of 2008. The growth prospects for the current year are favorable. The most recent forecasts point to a growth rate of 2.9% for the current year. In 2014 and the beginning of 2015, Spain and all the Autonomous Regions experienced positive GDP growth rates.
Cuts in education have led to an increase in spending
Household spending has varied during the crisis years and the outlay in Education has been the most significant. This is the result of a study conducted by the business management school IESE in its Barclaycard Consumer Barometer to show the spending structure of Spanish families since 2007.
Specifically, the spending of families in education has risen by 37 percent due mainly to cuts in education that result in a significant reduction of money for scholarships, the withdrawal of aid for books and school supplies , the increase in the prices of extracurricular classes such as languages and an increase in university fees, which has forced families to invest more money in the education of their children.
They have also grown in second place, by 21.3 percent from 2007 to 2014, family expenses in water, electricity and telephone, that is, basic supplies. The third place is occupied by the health sector, which rose by 13 percent in these years, but especially last year.
Variation in household consumption during the crisis
On the other side of the coin, the most relevant falls in consumption have been clothing and footwear with a 29 percent decrease, furniture and household equipment that has experienced a decline of 37 percent and jewelry, whose spending decreased by 58 percent.
However, in recent months and thanks to the effect of the economic recovery, spending on clothing has risen by 2.9 percent and the money spent on vacations, which had seen a dramatic fall of 17.3 percent since 2007. , has increased by 5.7 percent over the past year. On the other hand, jewelry and furniture, due to their high cost, continue with the downward trend.
Another fundamental expense for families such as food also shows a slight decrease of 2.8 percent. However, the outlook for the recovery of consumption is optimistic, as can be seen in the Survey of Family Budgets of the INE.
Marisol Nuevo Espín