Poles to reduce their Christmas spending

As many as 63 percent of Poles are going to limit Christmas food and present spending this year, according to a survey commissioned by the Polish Banking Association (ZBP).

Despite rising interest rates and inflation, private consumption has been one of the drivers of Poland’s GDP. It rose by 4.7 percent in Q3, according to official statistics, while Polish retail sales in October were up 12.4 percent year on year. In contrast, the eurozone saw growth at 1.4 percent, according to Eurostat.

However, the survey, conducted by the Minds&Roses market research company, points to a reduction in consumer spending in Poland just before Christmas.

"Sixty-three percent (of Poles – PAP) are going to limit their Christmas spending, while 26 percent are not going to apply any limitations to their Christmas shopping," according to the survey’s results.

According to the poll, "the statistical Pole" is going to spend nearly PLN 1,415 (EUR 308) on Christmas. Most of this budget will be allocated to food, preparations and gifts.

Moreover, 42 percent of respondents admitted that their financial situation had worsened over the past three months. "Forty-five percent felt no change, and only 13 percent indicated that their situation had improved," the ZBP concluded.