Consumers in the Czech Republic and Slovakia anticipate rising incomes and stable growth, a recent consumer study has found.
The impact of the conflict in Ukraine and the effects of economic sanctions against Russia are playing a significant role for consumers in eastern European countries, according to the findings of the GfK Consumer Climate Europe study for the first quarter of 2015.
Economic expectations in Slovakia fell slightly in the first quarter, as was the case in other eastern European countries. However, the Slovak economy enjoyed substantial growth last year – and things are set to get even better this year, the study found. In view of stable economic perspectives, Slovak consumers definitely think that the time is right for making larger purchases, GfK said.
The Czech economy continues to grow, albeit the pace of this has dropped off in the past few months, according to the study. The reason for this would appear to be Western sanctions levied against Russia. This is also reflected by consumer views. Economic expectations dropped 16.3 points since December 2014 to 24.7 points.
Increasing incomes are clearly affording Czech consumers greater planning security for larger purchases. Willingness to buy rose significantly by 21.9 points from December to 15.2 points in January. This represents the highest value since March 2008.
The findings of the GfK Consumer Climate Europe are taken from a consumer survey carried out in all countries of the European Union on behalf of the European Commission.
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