Latest figures from the National Statistics Institute (INE) show that consumer spending in the Balearics decreased by two per cent to an average of €38,284 in 2024. No other region of Spain registered a decrease. In certain regions there was a double-digit increase - 12.1% in Castile and León and 10.5% in the Canary Islands. The national average household spend was €34,044.
A key indicator in the INE figures is for spending on housing, water, electricity, gas and other fuels. The average in the Balearics was €14,310, over €3,000 more than the national average of €11,029. This was the only category for which there was increased spending.
An implication is that other spending was reduced as a consequence of the increase. For example, the average spend on food and non-alcoholic beverages in 2024 was €5,284, a decrease of 6.3% compared with 2023. Nationally there was a one per cent increase.
On clothing and footwear, the average spend was €1,494, a fall of 20.3%. For Spain as a whole there was an 8.5% increase. For restaurants and accommodation services there was a 9.1% drop to 3,075 euros. The nationwide average spend was 3,374 euros, up two per cent.
A recent report from the Esade Business School's Centre for Economic Policies pointed to the Balearics having the second highest wealth inequality in Spain after the Canary Islands. This report also indicated that the Balearics have the second highest wealth per household in the country; Madrid is number one. The richest top one per cent in the Balearics account for 28% of total wealth.