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Monday 25.06.2018 | Name days: Maiga, Milija
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Maxima: residents have become more conservative in their choice of products

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn Q2 and Q3, a higher degree of conservatism was noticed in residents’ choice of products. The number of buyers who gladly purchase new products has declined, whereas the number of buyers who do not change anything in their purchasing habits has increased, according to results of a study performed by Maxima.

«In relation to sales of food products in the past 12 months and compared with results of studies performed in summer and spring, it is clear that the number of people who gladly purchase new products has declined. The number of people who do not change anything in their habits has increased from 16% in May to 27% in October,» says Maxima Latvia Business Analysis Department manager Zane Kaktiņa.

She mentioned one particularly curious fact – residents bought less semi-finished products in autumn.

Several reasons behind increased expenses of households

According to data from the Central Statistical Bureau of Latvia, households’ expenses grew by 9% in Q3 when compared with the same period of 2016. There are several reasons behind this increase. One reason is price rise – general inflation of goods and services was 2.9% in Q3 of 2017. The rise of employment also played a role in increase of consumption expenses, which reached 6.6% in Q3 2017 when compared with Q3 of 2016.

«In spite of inflation limiting residents’ purchasing power, economic growth and wage rise have allowed residents to spend more money, which is proven by study data – 72% of residents believe their expenses have increased in the past twelve years. This response was given by 4% more respondents than in summer and 6% more than in spring. This means the number of people who believe their expenses increase goes up every month. At the same time, 22% of residents are certain that their expenses remain unchanged when compared with the year before,» study representatives say.

Important for the store to be close to home, work or some-place on the way

The location of the store plays an important role – close to home, work (62%) or on the way to work or home (42%) – for people in the autumn season. Assortment of goods on display remains important for residents (39%). The same can be said for lower prices (36%) and discounts (34%). Compared with the summer study, the importance of prices has increased in autumn specifically.

Price level unsatisfactory

Similar to studies performed in summer and spring, residents were asked to evaluate their level of satisfaction with different networks of stores in Latvia in parameters like assortment of goods, quality of food products, price level, accessibility, service quality, convenience, store design and atmosphere.

Residents gave the highest score to assortments of goods (3.91 points) and store accessibility (3.90 points). The lowest score was given to residents’ level of satisfaction with prices (3.30 points). According to Kaktiņa, residents’ overall level of dissatisfaction with prices may be explained with the increase of the country’s inflation level.

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