Housing and transportation eat up biggest chunk of Turkish household budgets
Turkish Statistical Institute (TÜİK) released new data on household spending habits, revealing housing and transportation as the biggest budget burdens for Turkish families.
According to the 2023 Household Budget Survey, housing and rent claimed the largest share of household expenditures at 23.9%, followed closely by transportation at 21.9%. Food and non-alcoholic beverages came in third at 20.6%.
Conversely, spending on insurance and financial services, education, and recreation/sports/culture was minimal, accounting for only 0.8%, 1.0%, and 1.9% respectively.
TÜİK's data goes beyond national averages, highlighting how spending patterns differ based on income source. Wage-earning households allocate slightly more towards transportation (22.8%) compared to housing (22.2%), while those with entrepreneurial income prioritize transport even more (27.3%) with housing following at 19.7%. Food spending remains similar across both income groups (around 19%).
The survey also explores the impact of income levels on spending. Low-income households (first quintile) dedicate a significantly higher portion of their budget to food (36.6%) compared to wealthier households (fifth quintile) at 14.5%. The trend reverses for transportation spending, with high-income households allocating nearly triple the amount (28.3%) compared to low-income families (8.8%).
Household size plays a role as well. One-person households spend a larger share on housing (31.8%) compared to larger families (7 or more members) who dedicate more towards food (30.2%).
TÜİK's data provides valuable insights into spending habits across various demographics in Türkiye. The information can be used by policymakers, businesses, and individuals to make informed decisions. (ILKHA)