According to the latest EY Future Consumer Index survey, as many as 69% of Polish consumers view the future with concern. 80% of us are afraid of rising living costs, and 55% worry about their financial status. At the same time, part of society is reverting to their previous shopping habits.
The past few years have been a time of rapid change for consumers in our country. A combination of global events and those affecting our market have recently resulted in high uncertainty, which is significantly influencing daily purchasing decisions. The latest EY Future Consumer Index study shows the consumer mood in Poland, what we fear, and how our buying preferences are changing.
What exactly are consumers afraid of?
There are several causes of uncertainty among consumers. According to the EY study, over 65% of responses globally indicated worries about the rising cost of electricity, gas, and water. The increasing costs of food and other basic goods, as well as rising healthcare costs, came second. In subsequent spots, consumers cited rising fuel costs, concerns about retirement security, or the ability to buy their own apartment.
The concerns of Polish consumers remain high or are even growing. Today, 80% of Poles are worried about rising living costs (up from 77% a year ago), 72% fear military conflict escalation, and 55% fear for their financial condition. This reflects a high level of uncertainty and caution affecting our purchasing decisions, said Rafał Reif, EY Poland Partner, and leader of the consumer products and retail sector.
The survey results show growing polarization in society. In the latest survey wave, 25% of Poles evaluated the future negatively, while only 13% assessed it positively, and 62% of our consumers assumed that the future would not bring change.
Over the next few years, the level of optimism will differ and the group of people neutrally evaluating their situation will decline: 38% of consumers think they will view the future negatively in three years, 29% positively, and only 33% neutrally.
The survey shows that our perception of the future varies greatly by income. Among low-income respondents (up to 4000 PLN), 33% expect a worsening situation and only 10% see improvement. On the other hand, for those earning very well (above 10,000 PLN), 20% predict a downturn, and 19% predict an improvement in the situation.
Wealthier social groups show greater optimism in consumer surveys. A relatively high level of current income, providing partial resilience to economic fluctuations, and a higher savings rate among these groups allow them to mitigate any income fluctuations, which also affects their positive attitude, says Maciej Zdrolik, EY economist.
Pessimism in Europe
The survey shows that most consumers worldwide declare optimism. This is highest among residents of India. Also, other Asian and South American countries are at the forefront. In contrast, many European countries perceive the future in quite pessimistic colors, and in this group, Poland is also included. We are one of the few countries in which respondents declared pessimism (39%) more often than optimism (30%). We share this trend with other countries on the Old Continent. Spanish consumers (41% of negative responses), Italian (44%), and French (57%, with only 15% of optimists) also view reality negatively.
Chance for change? Poles gradually reduce financial discipline
Large uncertainty and economic conditions are reflected not only in consumers’ attitudes but also in their everyday purchasing decisions. Inflation falls, wages have risen, and an increasing percentage of Poles make more daring buying decisions. According to EY Future Consumer Index, fewer respondents want to be more cautious and conscious in spending money (76% in the newest survey wave, down from 90% in 2023).
About the study
The EY Future Consumer Index tracks changing consumer moods and behavior over various time horizons and global markets, identifying emerging consumer segments. The 14th edition of the survey, conducted from March 29 to April 10, 2024, involved 23,016 consumers from both Americas, Europe, Asia, Africa, Australia, and Oceania.
The Polish edition of the survey lasted from May 8 to June 7, 2024. 1,000 respondents aged 18-65 took part in the survey in Poland.
Source: https://ceo.com.pl/69-polakow-patrzy-w-przyszlosc-z-obawa-raport-ukazuje-pesymizm-i-rosnace-obawy-o-koszty-zycia-93580
