Czechs to Cut Down on Christmas Gifts and Winter Vacations

According to a survey conducted by Generali Investments at the end of November, this year’s holiday season in the Czech Republic will be more modest. The study, which involved 1050 respondents, revealed that 60 percent of Czechs intend to save on Christmas presents, particularly those for relatives and friends.

The survey results indicate that two-thirds of people plan to cut down on Christmas festivities. Primarily, they aim to save on New Year’s Eve celebrations and alcohol purchases during the holidays. Additionally, 70 percent of Czechs will not embark on a winter vacation due to their financial situation.

The fear of the upcoming consolidation package has not left the Czechs, even during Christmas. Eighty-three percent of respondents, two percent more than at the end of summer, fear its impact on their wallets. “The cause could be the high inflation rate, which significantly affects household budgets and is currently felt by 82 percent of Czechs, as well as fears of the government package, which is feared by even 83 percent of people,” said Marek Beneš, CFO of Generali Investments.

Also, this year’s Christmas festivities will be leaner, with more Czechs planning to save than last year. A third of Czechs will celebrate New Year’s Eve cheaply, and 35 percent of respondents plan to limit their alcohol expenses during the holidays. Spending on refreshments at Christmas markets will be reduced by 36 percent of people, six percentage points more than last year.

However, savings do not end with the Christmas holidays. Czechs will also have leaner winter vacations. This year, 70 percent of Czechs, or 315,000 more people than last year, decided not to go on winter vacation. The survey showed that four percent of respondents plan to use cheaper accommodation in mountain areas.

“Czechs have not stopped saving, according to our survey, even after a year, and the long-term rise in prices forced them to reassess financial expenses for everyday activities. The highest wrinkles on the forehead currently make Czech households worry about their financial situation again high energy prices, and that’s why they are now saving on energy,” Beneš said.