The BIG InfoMonitor report also shows that the number of people who have changed their consumer habits over the last few months is increasing, driven by rising living costs. Among the most burdensome expenses, Poles mainly listed electricity, water, and gas bills (44 percent). Every fourth Pole finds the cost of food (25 percent) and rent (23 percent) burdensome. As a result of the rise in living costs, about 40 percent of Poles are spending less on entertainment and cultural events (e.g., cinema, theatre, concerts), as well as gym and sports activities, and visits to cafes and restaurants.
– “The growing cost of living and financial difficulties show how important responsible financial hygiene is becoming. Conscious planning of expenses is essential to avoid thoughtless cuts, which, in the long run, may reduce the quality of life or restrict access to activities that positively impact mental health, such as entertainment or travel. Furthermore, maintaining a balance between savings and expenses can support the local economy rather than lead to a drop in demand for goods and services. Therefore, the key is not so much to limit expenses, but to develop financial knowledge and a rational approach to saving,” notes Sławomir Grzelczak, President of BIG InfoMonitor.
We Mainly Save on Gastronomy, Clothing, and Footwear
Over half of Poles make no expenditure at all on sports activities or theatre, and almost half on concerts, paid streaming services, and sports-related hobbies. Due to the current financial challenges, expenses on medical services and pets are prioritized – every fifth Pole (21 percent) admits that they are currently spending considerably more on healthcare, and 14 percent have increased their spending on their pets. These are the only categories where the “spend more” indicator is higher than the “spend less” one. Additionally, 22 percent of people prefer to allocate funds to buy better quality food. Meanwhile, to increase personal savings, respondents reduce expenses by avoiding eating in restaurants, visiting cafes, and buying clothes and shoes – as much as 30 percent of respondents declared they have cut their spending in these areas. – “However, we should remember that cautious consumption improves the individual situation but it might appear a drop in demand, especially in the service and entertainment sectors, which have already suffered greatly during the pandemic. Also, often relying on the help of relatives can burden family relationships and, in the long term, hinder the building of a formal credit history. As with everything, a balance must be found in saving,” advises Sławomir Grzelczak, President of BIG InfoMonitor.
The “Condition of Polish household budgets” survey was conducted using the CAWI method by Quality Watch on behalf of BIG InfoMonitor, on a sample of 1045 Poles aged 18+, October 2024.
More current data on Poles’ overdue liabilities can be found here – https://media.big.pl/publikacje/843729/raport-infodlug-mamy-w-polsce-tylu-niesolidnych-dluznikow-ilu-lacznie-mieszkancow-warszawy-i-wroclawia
[1] https://www.ipsos.com/pl-pl/spoleczenstwo-w-stresie-raport-o-zdrowiu-psychicznym-w-polsce
Source: https://managerplus.pl/polacy-oszczedzaja-i-zmieniaja-priorytety-wydatkow-w-obliczu-rosnacego-stresu-finansowego-72581
