According to the survey, the fear of the upcoming consolidation package did not leave the Czech Republic even at Christmas. 83 percent of respondents are worried about its effects on their wallets, i.e. two percentage points more than at the end of the summer.
The result of concerns is that 60 percent of Czechs will save on gifts, especially for their relatives or friends. Two-thirds of people will limit their spending on Christmas entertainment, they plan to save mainly on New Year’s Eve celebrations or buying alcohol during the holidays. 70 percent of Czechs do not go on winter vacation due to their financial situation. This follows from a survey conducted by Generali Investments at the end of November. 1050 respondents took part in it.
“Both the high rate of inflation, which significantly affects household budgets and is currently felt by 82 percent of Czechs, and concerns about the government package, which even 83 percent of people are worried about, can be to blame,” Generali Investments financial director Marek Beneš said.
Christmas entertainment will also be poorer this year, and more Czechs will save on it compared to last year. A third of Czechs will celebrate New Year’s Eve more cheaply, and 35 percent of those surveyed plan to reduce spending on alcohol for the holidays. 36 percent of people will cut back on spending on refreshments at Christmas markets, which is six percentage points more than last year. Also, the Christmas Eve feast will be a little poorer on the Christmas tables this year than last year. 18 percent of people will save on carp with potato salad.
Compared to last year, however, the number of people who plan to save for children or great-grandchildren decreased. A third of Czechs, on the other hand, will save on gifts for more distant family, a quarter on gifts for friends.
However, the investigation does not end with the Christmas holidays, poorer Czechs will also have winter holidays. This year, 70 percent of Czechs decided not to go on any winter vacation, i.e. 315,000 people more than last year. Four percent of respondents plan to use cheaper accommodation in mountainous areas, the survey showed.
In addition to Christmas gifts, entertainment and winter holidays, Czech households are also forced to save on everyday items. In total, the number of Czechs who limited their visits to restaurants compared to last winter increased by a tenth. A quarter of those surveyed then limit or cancel subscriptions to streaming services. Almost two-thirds of Czechs then save on food.