The third quarter is often a time for reviewing household budgets, further burdened by holiday-related expenses, and assessing the state of those finances after returning from vacation. This year, in the third quarter – based on the results of the Consumer Confidence Index – the mood of Polish consumers remained moderately optimistic.
Concern about rising grocery prices fell from the number 1 position to second place in the ranking of Polish consumer worries, being overtaken by the rising cost of living associated with bills – probably caused by rising electricity prices. The improvement in consumer sentiment was certainly influenced by inflation – which, as reported by the Central Statistical Office, was between 3 and 4.5% in the third quarter, more than twice as low as a year ago.
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Polish consumer spent close to PLN 99 billion in Poland on FMCG products and Tech & Durables – IT, consumer electronics, household appliances and DIY. Out of this amount, food, chemical and tobacco products accounted for more than PLN 75 billion, and Tech & Durables for nearly PLN 24 billion.
'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,' comments, Konrad Wacławik, Retail Services Director, NIQ Poland.
One of the strategies for managing the household budget is shifting consumption to the home – Poles declare that, faced with the need to save money, they will give up eating out, use food delivery or entertaining outside the home.
More information:
NIQ
www.nielseniq.com