- Hans Weber
- September 29, 2023
Czechs Prepare to Spend This Summer Despite Economic Challenges
Despite the ongoing economic challenges, Czechs are determined to make the most of their summer by spending their hard-earned money. A recent survey conducted by the Ipsos agency reveals that many individuals are planning to utilize their savings to fund vacations, travel, and trips during the summer months. Additionally, some Czechs are considering home renovations or purchasing new household items. However, there are also those who, unfortunately, find themselves compelled to dip into their savings to settle energy arrears.
The survey findings indicate that rising prices have not dampened the interest in summer travel among Czech citizens. In fact, the desire to escape everyday stresses may be driving individuals to seek foreign destinations, as noted by Veronika Benešová from Air Bank and Zonky.
More than half of the surveyed Czechs plan to allocate approximately 20,000 Czech crowns toward their summer vacations. Nearly one-third of respondents intend to spend a higher amount on home renovations, while one-fifth have their sights set on purchasing new household items. Moreover, every seventh person has committed to acquiring a new vehicle, motorcycle, or repairing their existing mode of transportation.
However, there is a group of Czech citizens who will face an unfortunate setback to their family finances. These individuals will have to allocate a significant portion of their budget to cover energy bills. Less than ten percent of respondents have decided to use their available funds to settle existing debts.
When it comes to funding these substantial expenses between June and August, the majority of Czechs (85 percent) plan to utilize their savings. Approximately six percent will borrow money from family members, while five percent will opt for consumer loans. Additionally, four percent intend to take advantage of installment payments offered directly by sellers.
Despite the economic challenges, Czechs remain determined to enjoy their summer and allocate their resources accordingly. The survey results indicate a mix of optimism and practicality as individuals prioritize their desired experiences, home improvements, and financial obligations.
Article by Prague Forum