- Polish investors remain active despite growing concerns about geopolitical risk.
- Retail investors are now willing to buy after smaller market declines than a year ago.
- The proportion waiting for a correction of more than 20% remains unchanged year on year.
- More attractive valuations and long-term market potential are the main reasons for buying during downturns.
Polish retail investors are increasingly using market declines as an opportunity to increase their exposure, even though geopolitical tensions have become the greatest source of concern for their investment portfolios.
This is according to the Polish section of the latest quarterly edition of eToro’s Retail Investor Beat survey. The study, conducted among 600 Polish retail investors, shows that even a relatively small market correction is increasingly enough to prompt them to buy.
A decline of between 5% and 10% is currently the most frequently cited entry point, suggesting that investors are willing to enter the market after relatively modest falls. In the second quarter of 2026, 32% of respondents said they would buy following a decline of 5–10%, compared with 29% a year earlier.
A deeper correction of 11–20% would be required by 28% of investors, up from 27% a year ago. Meanwhile, the proportion of respondents who would wait for a decline of more than 20% remained unchanged at 10%.
Overall, 78% of retail investors said a market decline—regardless of its scale—would encourage them to buy.
Commenting on the findings, eToro market analyst Paweł Majtkowski said:
“Like investors in other markets, Polish investors are increasingly deciding to buy earlier during periods of decline. The experience of recent years has reinforced the belief that most corrections are temporary and that markets usually recover their losses relatively quickly.
“At the same time, elevated volatility and the constant flow of information have led investors to abandon attempts to identify the exact market bottom in favour of systematically building their portfolios. This approach is further reinforced by the fear of missing the next upward wave and the belief that long-term trends—particularly those driven by artificial intelligence and the world’s largest technology companies—remain firmly intact.”
Lower Valuations and Long-Term Potential Matter More Than a Quick Rebound
Investors who buy during market declines are not motivated solely by expectations of a rapid recovery in prices.
The most commonly cited reason is more attractive valuations, selected by 34% of respondents. A further 31% view market declines as an opportunity to invest with a long-term horizon.
Twenty-six per cent expect a short-term rebound, while 25% justify their purchases by pointing to the strong fundamentals of the companies concerned.
Another 21% cite the consistent implementation of their investment strategy, increasing existing positions and the belief that the market reaction has been excessive. Meanwhile, 19% use declines to reduce the average purchase price of assets already held in their portfolios.
Generation Z investors stand out from other age groups. Their most frequently cited reason for buying during declines is a long-term investment horizon, mentioned by 30% of respondents, rather than more attractive valuations.
They are also more likely than members of other generations to use market declines to reduce their average acquisition cost, cited by 23%, and to consistently implement an established investment strategy, mentioned by 21%.
Baby boomers, by contrast, are the most likely to view market declines as an investment opportunity. This group most frequently cited more attractive valuations, at 48%, and expectations of a short-term market rebound, at 36%.
“Younger investors treat buying during market declines as part of a long-term strategy. They use even relatively small pullbacks to average their purchase costs and consistently implement their plans,” Majtkowski said.
“What is interesting, however, is that older investors tend to view buying during downturns more in terms of market opportunities. This may reflect a greater tolerance for risk or greater familiarity with short-term declines, as they have more years of investment experience behind them.”
Investors React Earlier but Do Not Ignore Risk
This change in behaviour is taking place amid growing geopolitical uncertainty.
Geopolitical tensions are now the most frequently cited external threat to investment portfolios, identified by 27% of respondents, compared with 19% a year earlier.
They have therefore overtaken inflation, which is considered a significant risk by 23% of investors, down slightly from 24% a year ago.
Elevated interest rates have not led to a significant reduction in retail investor activity. Almost half of respondents, or 45%, said the current interest-rate environment had not affected their investment plans.
At the same time, 25% intend to increase the scale of their investments, while the same proportion plan to reduce it.
“The past quarter brought a clear change in how Polish investors perceive the greatest threats to financial markets. Inflation, which had been their main source of concern in recent quarters, has been replaced by international conflicts,” Majtkowski said.
“This time, attention is no longer focused primarily on the war in Ukraine, but on the continuing tensions in the Middle East. This suggests that investors are becoming increasingly concerned about the original source of potential threats—geopolitical events capable of causing further economic and market disruption—rather than only one of their consequences, such as inflation.”
