Most Poles not cutting spending amid pandemic - EY

Artur Reszko/PAP

The majority of Polish consumers have not limited spending in the midst of the coronavirus pandemic and intend to "return to normal" as soon as possible, according to a study published on Monday by the audit services company Ernst & Young (EY).

Less than 26 percent of Polish households decided to cut their spending due to the pandemic. The rest of the respondents were trying to function as before and had not decided to save. Most Poles hoped that their lives would "return to normal" as soon as possible, the study showed.

In the surveyed group of Poles, about 16 percent admitted that the pandemic affected them to a large extent and, therefore, they had to make large savings in their household budgets. This group was defined by EY as people declaring the "Deep cuts" attitude.

More than 10 percent of the respondents declared they had adopted the "Keep cutting" attitude and intended to further reduce expenses and keep saving in the coming months.

Less than 10 percent said that, although they had not felt the direct impact of the pandemic, they looked to the future with anxiety and worry about their families. They were now taking the "Save and stockpile" stance, declaring both further savings and hope for a return to normal.

The largest group of respondents (43 percent), adopted the "Stay calm, carry on" attitude. They neither reduced nor increased their expenses, expecting that their lives would return to normal after the epidemic was over.

Thirty percent of Poles surveyed by EY, although concerned about the pandemic, were optimistic about the future and did not limit their spending, describing their attitude as "Hibernate and spend."

Twenty percent of respondents who had to change their behaviour as a result of the introduced restrictions, planned to fully return to their previous spending habits from before the epidemic, in line with "Back with a bang," stance.