Polish shoppers were 'moderately' optimistic in the third quarter with spending on FMCG increasing 4.3% year on year, according to the latest data from NIQ.
It was driven by an increase in average product prices and growth in volume consumption, indicating improved financial condition of consumers. However, this volume growth is slower compared to the first half of this year.
NIQ added that the improvement in consumer sentiment was influenced by inflation, which was between 3 and 4.5% in the third quarter, or more than twice as low as a year ago, according to data from the Central Statistical Office.
Consumer Trends
Polish consumers spent approximately PLN 99 billion (€23 billion) on FMCG products and tech and durables, including IT, consumer electronics, household appliances and DIY.
Out of this total, food, chemical and tobacco products accounted for more than PLN 75 billion (€17.4 billion), while tech and durables amounted to around PLN 24 billion (€5.6 billion).
Konrad Wacławik, retail services director at NIQ Poland, stated, “The third quarter of 2024 was characterised by a slight increase in sales volume for FMCG products, continuing the positive trend we have seen since the beginning of this year.
“Consumers, despite their very careful planning of purchases and spending, are becoming more optimistic about their financial situation. This translates into an increase in spending – both in FMCG by 4.3% and in Tech&Durables by 1.6%, in the third quarter of 2024 compared to a year earlier.”
Top Concerns
The rising cost of living associated with electricity bills was the top concern among consumers as rising grocery prices relegated to the second position, the latest Consumer Confidence Index showed.
The survey also revealed that when faced with the need to save money, Poles plan to give up eating out, using food delivery, or entertaining outside.
Consumers are also conscious of their health and are willing to spend more on pro-health or functional products, and on technology, such as smartwatches, that help take care of fitness and health.
