Consumption Expenditure by Households in Cayman reached $3.1 billion in 2023

The overall household consumption expenditure in the Cayman Islands in 2023 is estimated at $3,055.25 million. This is revealed in the Household Budget Survey (HBS) 2023 Report released today by the Economics and Statistics Office. The survey, conducted over the twelve months from February 2023 to January 2024, yielded a response rate of 71% of 1,705 households in Grand Cayman and the Sister Islands.

The Report also shows that total household consumption in Grand Cayman amounted to $2,997.48 million, while the Sister Islands had $57.77 million.

The per capita consumption in 2023 is estimated at $36,284 per year, while for residents of Grand Cayman, the estimate was $36,581. For residents of the Sister Islands, the estimated per capita spending is $25,536. Ranking of the population by per capita consumption expenditure shows that the lowest 20% (Quintile 1) had an average annual consumption expenditure of $11,739. In the highest quintile, the estimated average expenditure amounted to $69,199.

The total consumption expenditure in 2023 is 80.0% higher than the $1,697.07 million in 2015. The increase is partly due to population growth of approximately 41% between 2015 and 2023, and cumulative inflation of 31.3%.

Per capita consumption increased by 27.7% to $36,284 or 3.5% annually. The highest per capita annual increases were estimated for health (16.9%), food and non-alcoholic beverages (11.2%), furnishings household equipment and routine household maintenance (10.2%), information and communication (4.3%), restaurants and accommodation services (4.2%), followed by housing water electricity gas and other fuels (3.4%), education (1.6%) and clothing and footwear (0.6%).

Four divisions registered annual declines in per capita expenditure: miscellaneous goods and services by 4.4%, alcohol and tobacco by 2.0%, recreation, sport, and culture by 1.8%, and transport by 1.7%.

The report highlighted that the largest share of household expenditure was on housing and utilities, 32.7%; transport, 11.0%; food and non-alcoholic beverages, 9.9%; restaurants and accommodation services, 8.8%; insurance and financial services, 6.8%; furnishings, household equipment and routine household maintenance, 6.0%; personal care social protection and miscellaneous goods and services, 5.0%; information and communication, 4.2%; recreation, sport and culture, 4.0%; and education services, 3.4%.

Clothing and footwear, as well as alcoholic beverages and tobacco products, had the lowest household expenditure shares in 2023, at 2.8% and 1.5%, respectively.

More information from the Cayman Islands’ Household Budget Survey 2023 Report may be downloaded from www.eso.ky.