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Almost 41 pct of Poles intend to limit spending on current purchases: report

Currently 40.9 percent of Poles intend to reduce spending on current purchases in the third quarter of this year, according to the “Consumer Moods of Poles 2021” cyclical report, carried out by UCE Research and the AdRetail Group. In Q2, such a declaration was made by 40 percent of those asked, and in the period from January to March this year the result was 44.8 percent.

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The report indicates that 29 percent of respondents plan to reduce their expenses by 5-10 percent, every fifth person plans expense reduction by 10-15 percent and 22.6 percent of Poles indicated an expense cut by as much as 15-20 percent.

In turn, 45.5 percent of respondents do not intend to limit their spending on current purchases (in the second quarter it was 38.3 percent, in the first quarter 43.7 percent). However, 8.5 percent of people asked have no opinion on this matter (in Q2, 16 percent were undecided, and at the beginning of the year 8.3 percent).

According to the report, in Q3 the most frequently indicated reason for the limitations were rising prices, 65.8 percent (in Q2, this reason was indicated by 32.1 percent of respondents, and at the beginning of the year by 38.7 percent). The second reason for 42.7 percent of Poles to limit their spending in Q3 is the fear that the economic situation in the country will worsen (for comparison, this was noted in Q2 by 25 percent of respondents and in Q1 by 17.5 percent).

As reported by the chief UCE Research analyst Krzysztof Zych, the third reason for spending cuts is the lack of savings. This answer was chosen by 26.9 percent of subjects (in Q2 this reason was given by 13.6 of respondents and in Q1 19.3 percent).

He pointed out that Poles mainly plan to reduce spending on clothing articles – 50.7 percent (in the previous quarter this answer was given by 14.1 percent of respondents and at the beginning of this year by 38.9 percent). “Next in the ranking are alcohol beverages with 34.2 percent (12.6 percent in the second quarter, 10.6 percent in the first quarter). The third place in the product category was occupied by electronics and household appliances with a result of 31.6 percent. For comparison, in Q2, cuts in household appliances and electronics were indicated by 6.9 percent of those asked, in Q1 2021, 23.5 percent,” the chief researcher stated.

In his opinion, the reduction of expenses on clothing may be related to the fact that many people still work remotely and therefore do not see the need to buy new clothes. On the other hand, alcohol is not a basic necessity, so in more difficult times it is easier to limit. Lastly Poles were actively buying electronics and household appliances at the beginning of the pandemic, so the market might be oversaturated.

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