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72.3% of Lebanese households spending is on basics, only 1.5% on entertainment

12-9-2019

A report by Fitch Solutions for credit and macro intelligence on the consumption and retails patterns in Lebanon (2019-2023), has shown that the high cost of living, specifically expenses on basic commodities depletes household budgets, leaving little room for families to spend on recreational activities. The report anticipated this trend to continue to worsen in the coming months and in 2020 due to austerity measures adopted by the government to curb the economic collapse which will directly weigh on the lifestyle of the Lebanese. A synopsis of the report published on BlomInvest Bank website, shows that the spending of Lebanese households on essentials (housing, utilities, food and non-alcoholic drinks, transportation, clothing and footwear and communications) accounts for 72.3% of their total spending in 2019, USD 33.6 billion. The housing and utilities segment, the report indicated, which includes the costs of water, electricity, gas services, housing rentals, maintenance and repair, constitute the largest spending on essentials, USD 12.2 billion. This has negatively impacted the spending on non-essentials, particularly recreation ad culture, which barely exceed 1.5% of the total household spending, equivalent to USD 500 million out of USD 33.6 billion. Spending in this area is expected to grow by only 1.4% during the period from 2019-2023, the report said. Spending on recreation items includes money spent by consumers to buy computers, cameras, toys and sports, camping tools, hobbies and cultural services, as well as on books, newspapers and stationary …(Al Akhbar, September 11, 2019)

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