The personal financial situation of 47% of Poles is, in their opinion, worse than a year ago, down 3 p.p. compared to November last year, according to the 50th edition of the “Consumer Signals” survey by advisory firm Deloitte. Still, more than half of respondents are unprepared for an unexpected expense and just under 30 per cent (-3 percentage points compared to November) are concerned about their ability to meet upcoming payments.
The percentage expecting an increase in personal income over the next 12 months is 44% (2 percentage points higher than in November), and 37% of Poles expect their own financial situation to improve (+1 percentage point). On the other hand, persistently elevated inflation is not without its impact on the mood of the Polish population. The current rate of price increases makes 37% of respondents, almost the same as in the previous month, worry about the state of their savings. In addition, three quarters of respondents already assume a dynamic increase in the prices of the most frequently purchased products, an increase of 20 percentage points, it was reported.
“The results of the latest edition of the Consumer Signals survey show that, on the one hand, the percentage of people worried about their financial situation has fallen slightly. On the other hand, many consumers are still forecasting further price increases. This means that the pace of wage growth, combined with the simultaneous fall in inflation, has had a positive impact on consumers’ ability to meet their current financial obligations. At the same time, the sense of uncertainty about the near future remains high,” said the leader of services for the financial sector in Poland, Managing Partner of Risk Management in Poland and the Baltics, Deloitte Przemysław Szczygielski.
When asked about the anticipated level of alcohol and tobacco prices in the coming weeks, 65% of respondents, 10 pct more than in November, said they expect an increase in this area. At the same time, Poles seem to be more optimistic about the cost of fuel. This is because, compared to the previous month, the percentage expecting petrol, diesel and gas to become more expensive has fallen by 8 percentage points to 68%. On the other hand, 70% of respondents, 2 percentage points more than in November, anticipate a further increase in food prices. The same number of respondents forecast an increase in the cost of household utilities (gas, electricity, heating oil, etc.), down 4 percentage points month-on-month.
Concerns about future price levels apply not only to Poland, but also to other countries. The highest percentages of residents fearing further cost increases were recorded in Spain (83%), South Africa (82%) and France (80%). At the other extreme of the list of inflation concerns are the United Arab Emirates (64%), Saudi Arabia (60%) and China (40%), it also indicated.
“The last month of 2023 was a period of strengthening of the zloty against the dollar, which in turn favoured reductions in fuel prices at petrol stations. This phenomenon may have improved the mood and expectations of Polish consumers regarding future price levels, but recent geopolitical developments will not be without an impact on raw material costs. Given the increased demand for energy in the winter period, energy prices may increase in the coming weeks,” Szczygielski concluded.
The latest version of the survey was conducted at the end of December 2023. It was the 50th edition conducted globally and the 41st in which Polish consumers took part. In total, Deloitte experts surveyed residents of 19 countries, in addition to Poland, these included citizens of Saudi Arabia, Australia, Brazil, Canada, China, the Netherlands, Spain, France, Germany, India, Japan, Mexico, South Africa, South Korea, Italy, the United Kingdom, the United States and the United Arab Emirates.
Source: Deloitte and ISBnews
