According to the survey “Current consumer sentiments. What do Poles save on?”, 6 out of 10 Poles cut down on their daily shopping expenses. Almost 41% of respondents did so in Q3 last year. This means that the group of people who spend less has grown by nearly 20%.
According to a periodic survey by UCE RESEARCH and the BLIX Group, this group comprises mainly people aged 36-55. They mostly earn PLN 1,000-2,999 net per month and most often live in cities with a population between 50,000 and 99,000.
Respondents are looking to save money primarily due to rising prices. In one in four cases, the estimated reduction in monthly expenditure is 10-15%.
According to the survey, Poles are currently saving the most on articles of clothing – 46.9% (50.7% in Q3 last year). This is followed by such categories as sweets and snacks – 44.5% (29.7% last year), alcoholic beverages – 40.8% (34.2%), household appliances – 35.8% (31.6%) and cosmetics – 30.3% (29.5%).
Savings are not seen strongly in the categories of necessities. “Poles are cutting back on expenses that usually occurred less frequently or belong to the area of pleasure, such as stimulants. The question is whether, in the latter case, this is not just wishful thinking. From what I observe, the category of sweets and alcohol, especially the stronger spirits, is doing quite well”, says Marcin Lenkiewicz of the BLIX Group.
The results of the UCE RESEARCH and BLIX Group study are consistent with other consumption statistics.
Santander Bank Polska forecasts that in the second half of this year the Polish economy will be in a downturn and may even fall into recession, defined as two quarters of negative GDP growth in a row. While only a few months ago, wages were growing faster than prices, inflation is now rising. On top of this, interest rates have risen significantly. “This limits the purchasing power of borrowers, makes it more difficult to take out new loans and encourages saving”, explains Marcin Luzinski, an economist at Santander Bank Polska.
Adrian Andrzejewski