Women in their 20s spend Â£551 a year on fashion
Young women spend more than twice as much on clothing including underwear a year compared to young men, according to new research.
Women in their 20s spend an average of £551 annually on clothing compared to their male counterparts who spend just £260.
And the difference in spending also applies to underwear, according to a study by money-saving website Voucherbox.co.uk.
It found that young women spend on average £52.50 a year on their ‘smalls’ compared to men under 30 who spend a paltry £20.80 a year on their pants.
The spending habits of Brits were revealed in analysis of data collected by the Office of National Statistics (ONS).
The study found that women in their 20s are by far the biggest spenders on clothing, followed by women aged between 50 and 65 who splash out £535 a year.
Women in their 30s and 40s spend just £8.90 a week or £463 annually on clothes.
The study confirmed that while younger women are leading the fashion stakes, men in their 20s are the worst spenders on clothing.
Average annual spending by males under 30 is just £260 with older men aged 30-49 and 50-65 having an annual clothing bill of £327.
The study also look at the total average household expenditure, including accommodation, food and heating, for different aged households.
It found that for people in their 20s it is on average £28,860 a year, compared to households of people in their 30s and 40s where it is £31,824.
The study revealed that people in their 20s are spending a much bigger portion of their annual expenditure on housing costs and fuel bills, 23% of everything they spend, compared to 14% for households of 30-49 year olds.
However people in their 20s seem to enjoy more socialising, with households of young men and women spending £577 annually on alcohol in bars and pubs compared to £369 for households in their 30s and 40s and £436 for those 50-64.
But it is this older age group who are spending the most on alcohol when the cost of drinking at home is factored in.
The total alcohol bill for households with people 50-64 is £936, for households 30-49 it is £780 and for those in their 20s it’s £832.
Across the country there are also some quite big variations in the amount being spent on alcohol.
The average household in the UK spends £639 a year, Scotland has the highest average, £811, and London the lowest, £546.
The younger age group is spending more eating out - £1,019 a year, compared to £884 for households aged 30-49 and £925 for the 50-64s.
But when it comes to other forms of recreation, such as going to the cinema and the theatre, households in their 20s are spending £140 a year compared to £177 for those 30-49.
Interestingly the study shows that it is households with older occupants aged 30 to 49 which are spending more to watch and take part in sport, including gym memberships - £447 a year compared to £260 for the under 30s.
It’s not only the gym memberships but in looking good generally where younger people spend less.
Expenditure on personal care, which includes going to the hairdressers and buying beauty products, is £535 for households in their 20s and £156 higher for households aged 30-49.
Shane Forster, UK Country Manager for Voucherbox, stated, “With such a huge sample size of more than 5,000 households analysed it was fascinating to see what people actually spend their money on and in particular to see how that varies for men and women and by age group.
“For younger people a big percentage of everything they spend goes on housing costs and bills, but women in particular still seem to find the cash to keep their wardrobe fashionable.”