Three-fifths of Poles cut spending on current purchases – this is 20 percentage points more than in 2021 – according to the study “Current consumer sentiment. What do Poles save on?” More than a quarter of respondents declare a reduction in spending by 10-15 percent. Savings are mainly on clothes, sweets and alcohol.
From a survey conducted by UCE Research and the Blix Group to the cyclical report “Current consumer sentiment. What are Poles saving on?” shows that currently its expenses are limited by 60 percent. Poles, 26.3 percent of respondents does not save on shopping, and 5.2 percent. respondents do not pay attention to it.
Polish belt tightening
According to the authors of the report, the survey results indicate that the situation of many people in the third quarter of this year has significantly deteriorated compared to the third quarter of 2021. – At that time, 40.9 percent of respondents said that they were saving on everyday shopping, 45.5 percent denied it, and 5.1 percent did not pay attention to it – reminded the chief economist of the Blix Group, Krzysztof Łuczak. He added that the group of people who cut their expenses increased by almost 20 pp and is already larger than the group that does not tighten the belt.
According to the expert, high inflation and interest rate increases meant that people who had felt confident about finances began to feel the deterioration of the situation. – Increases in loan installments, sometimes exceeding twice the repayments so far, force even high earners to cut expenses. Such a sudden change in consumer mood proves anxiety about the fall and next year – he pointed out. He added that a lot will depend on energy and food prices in global markets.
The study shows that women more often reduce their current expenses than men (64.4% compared to 55.2%, respectively). Saving is more often declared by people aged 36-55 (62.2% of this age group), with a net monthly income from PLN 1,000 to PLN 2,999 (63.2%) and from towns with a population of 50,000 or more. up to 99 thousand inhabitants (62.7%).
Marcin Lenkiewicz from the Blix Group noticed that women more often than men are responsible for purchases in households and thus can constantly observe increases in stores. – Women also care more about the family budget. Our analyzes show that as many as 70 percent of women currently use promotions and create shopping lists, which helps them save, the expert noted.
“It’s more expensive than a year ago”
The respondents indicated the record prices of everyday necessities as the main reason for cutting expenses. – It is more expensive than a year ago or in pandemic years. In addition, decisions about saving are influenced by communication in the media of increases in fuel and coal, among others – explained Lenkiewicz. He added that Poles are also starting to tighten their belts during holiday trips.
Another reason to save on daily expenses is to fear that the economic situation will worsen. It was indicated by 17.4 percent. of the respondents (in Q3 last year it was 42.7%). For 12.4 percent. of those asked, the main reason for cutting expenses is the lack of savings.
According to the chief economist of the Blix Group, the strong fear of a deterioration of the situation is understandable in the light of information about the state of the economy, market supplies, currencies or the war in Ukraine. – Inflation itself has not been so high for a quarter of a century and has increased by 10 percentage points in the last year. People are afraid to think about what will happen next. The lack of savings is also not surprising, because many people had to reach for them already at the beginning of the pandemic, for example by losing their businesses or jobs – said Łuczak.
What do Poles save on?
According to the survey, over 27 percent. of respondents declare spending cuts in the range of 10-15 percent. Spending cuts by 15-20% 20.7 percent declared respondents, and 20.3 percent. indicated cuts of 5-10 percent.
Most often, Poles save on clothing (46.9% of responses), sweets and snacks (44.5%) and alcoholic beverages (40%). 35.8 percent of the respondents declared a cut in spending on household appliances, and every third respondent for cosmetics.
The survey was conducted using the CAWI (Computer Assisted Web Interview) method by UCE Reaserch and the Blix Group on a sample of 1034 Poles aged 18-80, representative in terms of gender, age, city size, earnings, education and region.
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