TGM CONSUMER SENTIMENT SURVEY IN THE CZECH REPUBLIC 2024
Nearly 30% of Young Czechs Increase Housing Spend in 2024, TGM Research Reveals
Nearly 30% of Young Czechs Increase Housing Spend in 2024, TGM Research Reveals
“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
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
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
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
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.
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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