Most Poles have already reduced their consumer spending
Galloping inflation means that more than half of Poles have already cut back on consumer spending and declare that they will tighten their belts even more in the next 12 months, according to the latest survey by consultancy Bain & Company. Seeking to save on household budgets, Poles are increasingly opting for online shopping and retail chains offering the lowest prices.
Respondents declare that they intend to save further by reducing the number of products they buy, giving up specific goods, looking for cheaper substitutes, bargains, and price promotions, and buying private labels.
"The worsening economic situation is increasingly challenging household budgets and forcing people to look for savings. As our survey shows, the biggest concern among Polish consumers is the rise in food and fuel prices and the cost of real estate. When it comes to food and clothing, we see a clear shift towards cheaper brands, at the expense of mid-priced products. Sales of products that do not belong to the basic consumer basket are also falling," Patryk Rudnicki, a junior partner at Bain & Company, commented.
(WBJ)
