Latvians plan to spend a little more than half (53%) of their monthly income on summer holidays. In addition, more than a tenth of the population (12%) plans to increase spending this summer compared to last year, while 48% will spend the same as last summer, according to the Ferratum Group’s annual survey.
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The share of the population that plans to spend more than 1,000 euros on this summer holiday has grown the fastest – from 21% last year to 28% this year. Of these, 18% of respondents will spend between 1,000 and 2,000 euros on summer activities (14% a year ago), while 6% of the population will spend more than 2,000 euros (4% a year ago) for this purpose.
40% of respondents plan to reduce spending on summer activities. Up to 400 euros will be spent on holidays by 42% of the population (48% last year), but from 400 to 1000 euros – a third (30%) of respondents (31% a year ago).
In the summer months of this year, respondents plan to spend the most on seasonal clothing and fashion for themselves and their families (53%), home improvement (49%), food (45%), as well as financing the needs of children (30%) and gardening or handicrafts ( 30%). Every third respondent (33%) plans to spend most of their summer holidays traveling in Latvia or abroad.
For more than half (68%) of the respondents, the salary has remained unchanged during the last year, however, for a third (32%) the income of the population has decreased, citing the reduction of the salary (14%), job loss (10%) or location. idle (8%).
The majority of the population plans to finance their summer expenses using credit cards or other types of loans (62%), while almost a quarter (38%) of the respondents will use their own free financial resources. This trend has remained the same as last year, but the most significant change is compared to the pre-pandemic period. This year, compared to 2019, the number of respondents who will use their savings to finance summer activities has decreased by 15%.
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