Household spending rises 17% in 2024 as health costs surge

Total household expenditure on goods and services for final consumption rose 17.3% in 2024 compared with 2023, according to the Household Budget Survey published by the department of Statistics. Average spending per person increased 15.6% to €25,801 and average spending per household rose 13.4% to €56,452. After accounting for a 4.6% rise in prices between 2023 and 2024, real growth was 12.1% for total expenditure, 10.5% per person and 8.4% per household.

Health spending accounted for the largest nominal rise, up 89.0% year‑on‑year, and has been the standout driver of the overall increase. Average health outlays per household climbed from €787 in 2023 to €1,439 in 2024 — an 82.8% rise — and the share of health in total household expenditure rose from 1.6% to 2.5%. The increase was widespread: health spending inside the Principality rose 85.7%, while spending abroad in this category surged 131.3%. Statistics point to greater use of private and cross‑border medical services, possible price increases, and demand for services not covered or subject to waiting lists as contributing factors; the survey also notes that 91.6% of the population are covered by CASS and 73.1% have private and/or foreign insurance.

Other groups with strong nominal growth included alcoholic beverages, tobacco and narcotics (+61.6%); recreation, shows and culture (+34.8%); and furniture, household equipment and services (+34.3%). Expenditure fell in clothing and footwear (‑15.2%) and in education (‑10%).

By location, an estimated 83.4% of household spending was made inside the Principality and 16.6% abroad. Domestic spending rose 15.3% year‑on‑year, while spending abroad climbed 28.1%. Outside the Principality, the fastest increases were in health (+131.3%), alcoholic beverages and tobacco (+92.5%), transport (+62.6%), miscellaneous goods and services (+51.5%), furniture and household services (+47.4%) and food and non‑alcoholic beverages (+42%).

The survey also updates housing and household characteristics. Renting remained the most common tenure in 2024: an estimated 61.7% of residents occupied their dwelling as tenants, a share that declined slightly from 2023. Rents for recent contracts have risen sharply: the average monthly rent per square metre for leases under one year climbed from €8.2 in 2022 to €11.7 in 2023 and €12.8 in 2024 — a 56% increase over two years. For recent leases the median rent per m² rose from €9.3 to €11.9; considering all rental dwellings, the average monthly rent was €732.6 in 2024 (up 6.8% from 2023) and the median monthly rent €666.7 (up 7.5%). The overall average rent per m² across all rentals was €9.4 in 2024 (median €8.8).

Demographically, 52.6% of the population lived in households without dependent persons in 2024 — 14.9% in single‑adult households and 37.6% in households with two or more adults and no dependents. The average length of occupation of the main dwelling remained 12.9 years, unchanged from 2023.

Regarding transport and second homes, 87.1% of households had at least one car, 30.0% had at least one motorcycle or moped, and 11.9% had no vehicle. Some 10.2% of households owned at least one secondary residence; of these, 71.6% were located in Spain and 15.1% in Portugal.