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Sunday 18.03.2018 | Name days: Ilona, Adelīna

There are only 7-10% of prosperous consumers in Latvia

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOnly 7-10% of Latvia’s residents are prosperous consumers, whose income per family member is 300 LVL “on hands” and more. This group forms 17-20% of Latvia’s economically active residents age 15 to 74.

An average prosperous Latvian resident is a Riga resident age 25 to 34. He has higher education and is a company manager or specialist, according to the survey carried out by GfK and

Prosperous consumers usually analyse the general economic situation in the country, as GfK client and product development director Ilze Kronberga explains.

Also, prosperous consumers are more keen on thinking about opportunities to save up money for the near future.

It is stated in the survey that 40% of prosperous consumers spend no more than 25% of their income on food products. Only one-fifth of all respondents spend more than 25% of their income on food products.

The survey also states that around 40% of prosperous consumers spend no more than 70 LVL on fuel every month. “It is unlikely for this habit to change even if the price goes above 1 LVL”, – Kronberga said, adding that 54% of prosperous consumers had admitted that they will not stop spending money on fuel.

However, when mentioning whether or not they will need to reduce or refuse expenses on some goods or services, Kronberga noted that survey results suggest that all consumers,including prosperous consumers, will be forced to refuse expenses on one and the same type of goods or services.

48% of prosperous consumers have mentioned that they had to turn down opportunities of travel this year, 45% – of going to the cinema, theatre or concerts, 44% – of repair work, 40% – different financial savings, 38% – of eating out.

56% of all respondents, according to the survey, had to refuse opportunities for travel, 48% – cinema, theatre or concerts, 54% – of repair works, 41% – of different financial savings.

However, in order to motivate entrepreneurs to turn to prosperous consumers, the survey suggests that entrepreneurs follow the habits of this consumer group.

It was concluded in the survey that consumers of this particular group keep a close eye on discounts and special offers. Nevertheless, discounts and special offers are not the criterion that dictates the choice of some specific product or service, Kronberga emphasized.

These consumers often use the internet to find information about goods or services, as well as make purchases. An often choice for internet purchases include tickets, apparel, shoes and computer components. Prosperous consumers see the quality of products and previous positive experience with some specific trader or service provider as a main criterion when making choices.


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