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Nearly 30% of Young Czechs Increase Housing Spend in 2024, TGM Research Reveals

TGM Research's latest Consumer Sentiment Survey offers a comprehensive view of evolving consumer behaviours in the Czech Republic amid economic uncertainties and global conflicts in 2024.

Nearly 30% of Young Czechs Increase Housing Spend in 2024, TGM Research Reveals

SINGAPORE, 10th April - TGM Research, a technology-driven market research company with expertise in global online data collection and innovative survey technology, announces the release of its latest findings on the evolving landscape of Czech consumer behaviour, as presented in the TGM Consumer Sentiment Survey in the Czech Republic 2024. This extensive survey meticulously analyses the shifting dynamics, preferences, and expenditure patterns of a diverse sample of 1,007 respondents aged 18-75 residing in the Czech Republic.

“As we analyse the findings of our latest survey, it becomes apparent that Italians in 2024 are primarily concerned with key issues, notably the impact of rising prices on their behaviour and anticipated changes in spending habits. This valuable insight offers businesses an opportunity to make informed decisions and strategically plan for the challenges and opportunities presented by the shifting landscape of consumer sentiment in the year ahead.” Greg Laski, CEO and Founder of TGM Research says.

Summarised below are key insights from TGM Consumer Sentiment Survey in the Czech Republic 2024:

Czech Women Hit Hardest by Financial Stress

The latest survey exploring the primary concerns among Czechs reveals three key focal points: rising prices, job security/unemployment, and wars in the world. Notably, older generations aged 60-75 are most troubled by increase in the cost of living, with 50% expressing concern, while younger generations aged 18-29 are less alarmed at 38%. For these younger respondents, job security emerges as a significant worry, with 25% citing it as a major concern.

Reflecting on the effects of climbing expenses, a significant 75% of Czech consumers express anxiety about the surge in everyday item prices and nearly 69% predicting these costs will continue to rise over the coming year. Notably, this financial strain seems to weigh more heavily on women, who particularly voice greater concern over these economic pressures.

Financial Strain Leads to Spending Cuts in the Czech Republic

In response to growing economic concerns, a significant portion of Czechs across various age groups have found themselves compelled to alter their lifestyles in recent months. Specifically, 44% of respondents indicated they have had to adjust their way of living, with the younger demographic of 18-29 years old feeling the impact most acutely, as 49% of them reported making such changes.

Looking ahead, 44% of Czechs are planning to curtail their future purchases of products and services to mitigate the financial strain. This sentiment is most pronounced among those aged 45-59, where 48% are considering reducing their expenditure.

Czech Consumers Focus on Needs Over Wants

Czechs are adjusting their budgets, mainly keeping their spending steady but planning to reduce costs in specific categories. About 42% are looking to decrease their savings contributions, and 47% intend to cut back on clothing expenses. Significantly, 63% are planning to spend less on jewellery and accessories, while 57% aim to reduce expenses on food takeout and delivery, highlighting a focus on cutting non-essential spending.

Conversely, there's an uptick in spending on necessities, with 26% of Czechs expecting to spend more on energy and utilities, and 25% foreseeing higher spending on housing costs. This suggests a strategic approach to budgeting, emphasizing the importance of essential over luxury expenses amid economic adjustments.

Spend More on Homes, Less on Luxuries

In response to the evolving economic landscape, Czech consumers are strategically adapting their spending habits. Our survey indicate a collective preparedness across all age demographics to allocate more resources towards housing expenses and energy utilities over the next three months.

Furthermore, the data reveals a deliberate pivot towards prioritizing essential needs over discretionary spending. Across various age groups, consumers are planning to tighten their belts on expenditures related to luxury items such as jewelry, dining out, food delivery services, and even recreational pursuits like sports and outdoor activities. This trend not only reflects a growing emphasis on health-conscious choices but also indicates a broader cultural reassessment of leisure activities and social habits. As consumers make conscientious decisions to streamline their budgets, it highlights a significant transformation in consumer behavior and values.

About TGM:
TGM Research (TGM) is a technology-driven market research company that specializes in global online data collection and innovative survey technology. TGM provides agile insights for better decisions, using the most comprehensive Res-Tech to spearhead the use of digital for better market research. TGM is a remote-first company with a team of 60+ members, having a presence on five continents.
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