“Compared to this year’s and last year’s first quarter, household-related expenditures increased the most, by 38 percent. This is influenced by both rising energy prices and rising prices for construction work and materials, furniture and household equipment, “said Petr Dufek, the chief economist of Creditas. Expenditures on food and pets increased by 14 percent. On the other hand, Czechs spent less money on gifts, by a quarter. They saved 16 percent less on savings.
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Creditas automatically categorizes the expenses incurred. Thanks to this, it was possible to compare the total volume of payments in selected categories at the beginning of 2022 and 2021.
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“Czechs continue to save above average, but compared to last year’s first quarter, the increase in savings was lower. Of course, the reduction in the amount of money, which can be saved at all in times of rising inflation, plays a role in this. Some are still hesitant due to the consequences of the situation in Ukraine with longer-term investments and focus primarily on term or savings deposits, “Dufek pointed out.
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According to him, the above-average growth of food expenditures, which significantly exceeds inflation, can be attributed not only to their increase in price, but also to the way people returned to hypermarkets, where purchases fall into the “food” category. In the first quarter of 2021, purchases greatly reduced lockdowns.
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The decline in spending affected the item of gifts. In total, they accounted for 27 percent less. The decrease in the number of purchased gifts was lower, only about one-fifth. “We can simply say that the Czechs bought fewer gifts in the first quarter, but a little more expensive than a year ago,” said Zdeněk Grossman, Creditas’ digital banking director.
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Inflation is changing consumer behavior
Overall, the data suggest that inflation is changing consumer behavior to a large extent and is likely to continue to do so. The share of housing-related costs will increase significantly this year and probably next year at the expense of expenditures that households have spent in recent years on leisure or savings.
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The aggregated data reflect the real expenses of Creditas clients with a current account, ie about 150,000 people from all over the Czech Republic. While statisticians compare the price of the same consumer basket, where each item has its weight, banking data show how much more people spend in individual categories.
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Questionnaire
Are you saving lately when buying groceries?
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