Poles to cut back on Christmas gifts amid inflation

2022-11-21 12:33 update: 2022-11-23, 14:40
Photo PAP/Andrzej Lange
Photo PAP/Andrzej Lange
Nearly 50 percent of Poles are planning to reduce spending on Christmas presents this year owing to soaring inflation eating into their spending power, a survey has shown.

Inflation in Poland hit 17.9 percent in October, and is expected to continue to rise.

A report by the consulting firm Bain & Company has found that 45 percent of respondents are planning to buy cheaper presents for their families.

"This year Poles will be looking for gifts in lower-priced product categories and will more often choose sweets, books, sports accessories or gift cards instead of expensive perfume, jewellery or computer games," Bain & Company wrote in its report published on Monday.

Some 36 percent are planning to reduce the number of gifts per person and 33 percent will give presents to a smaller number of people.

Rising prices, the looming economic crisis and concerns over job stability have made Polish consumers more cautious about their spending, according to firm.

"Our survey shows that more than 60 percent of Poles are worried about rising prices and most of them have already limited their spending," Patryk Rudnicki, a junior partner at Bain & Company, wrote. (PAP)