More than 60% of Poles believe that product prices will not remain at current levels. Nearly 80% expect food prices to rise in the near future, three-quarters expect electricity and/or gas bills to rise, and 66% expect gasoline prices to rise, according to the 41st edition of the Global State of the Consumer Tracker survey, conducted by Deloitte, a consulting firm.
“Inflation continually determines Poles’ attitudes when shopping. Rising prices have a real impact on our purchasing power, but they equally affect our sense of security. All this makes us most worried about our wallet. Such concerns are expressed by 51% of Poles. This is up 4 percentage points from the previous month. It is also the main reason for our anxiety,” said Partner, Consumer Industry, Deloitte Anna Rączkowska.
On the other hand, 45% of respondents are worried about the state of their health, while 35% are concerned about private matters.
The Deloitte survey also shows that, according to the statement, 46% of respondents have money set aside at the end of the month, which 38% of respondents cannot say about themselves. 54% of respondents are not financially prepared for unforeseen expenses. 61% rate their financial situation as worse than a year ago. One in four survey participants takes the opposite view.
According to Deloitte, more than half of Poles (56%) have no problem settling upcoming payments, while 22% may have difficulty doing so. Nearly six in ten respondents put off major expenses until later. Almost more than a quarter (24%) do not have to make such decisions. Slightly more than a third of respondents (35%) say they are able to buy for themselves what makes them happy, while 45% do not currently see this as an option.
Deloitte also shows what our spending will look like over the next four weeks: 27% of Poles’ earnings will be consumed by food purchases, while 25% will be consumed by home-related expenses, namely bills. These two items account for more than 50% of the household budget.
According to the survey, we are currently able to save an average of 8% of our income. More than three-fourths of those surveyed are of the opinion that they will not be able to go on vacation in three months, and they cite lack of money as the reason. One-fifth prefer to use the money for another purpose.
The Deloitte survey also indicates that the restaurant industry still has no special reasons for optimism either. Almost a quarter of respondents (24%) save money by going to restaurants, and 45% have not eaten out in the past two weeks. More than half (53%) prepare meals at home more often than they used to.
The same is true of spending, which could put a heavy strain on our budget. Only 15% of us want to buy a new car within six months. As many as 72% already boast their own car, but in the case of 69% of respondents it is a used vehicle. More than two-thirds of us (68%) intend to drive a car in the near future with similar frequency as before.
The survey also shows that optimism is not evident in most of the countries surveyed either – the most negative sentiment is felt in South Africa (77%), Ireland and Spain (76% each).
The latest wave of the survey was conducted at the end of March 2023. This was the 41st edition conducted globally and the 34th in which Polish consumers participated. In total, Deloitte experts surveyed residents of 25 countries, in addition to Poland, they were citizens of Saudi Arabia, Australia, Belgium, Brazil, Canada, China, Denmark, the Netherlands, Spain, France, Germany, India, Ireland, Japan, Mexico, Norway, South Africa, South Korea, Sweden, Italy, the United Kingdom, the United States and the United Arab Emirates.
Source: Deloitte and ISBnews
