Latvian residents plan to spend approximately 87% more money on presents and other Christmas products this year in comparison with the previous year. Data from the Christmas barometer survey states that residents plan to divert an average of 20.4% of their monthly income on different goods associated with Christmas.
Compared with 2014, when residents spent EUR 190 on Christmas on average, Latvian households plan to increase their expenses. In spite of this expected increase, Latvian residents spend less money on Christmas than residents of other EU member states, including residents of Estonia and Lithuania. Estonian residents plan to spend 25.2% of their monthly income (approximately EUR 501) on Christmas. Lithuanian residents plan to spend around 26.1% (EUR 502).
Mindaugas Cidzikas, coordinator of Ferratum in Baltic States, continues: «Our annual survey shows that the purchasing power of Latvian residents has significantly increased over the past year. Latvia is slowly coming close to Europe’s average indexes, which means the country’s economic situation is gradually improving and residents are prepared to spend more money on gifts and other Christmas-related goods.»
Although traditionally residents of Eastern Europe spend more money on Christmas than residents of Western Europe, the British plan to spend the most money on Christmas this year: their Christmas expenses are expected to grow by nearly half and reach 38.5% or EUR 1,144. Following the British are Slovaks and Spaniards, who plan to spend EUR 655 and EUR 726 on Christmas respectively.
In total, 20% of respondents admitted planning to spend less money on presents than last year. 64.6% plan their budget on the same level as last year. 15.4% plan to spend more money this year.
Data of the survey states that Latvian residents plan to spend the most money on toys and games (24.7%), sweets and delicacies (17.2%) and books (14.9%). Estonian residents plan to spend most of their Christmas budget on books (22.9%) and alcoholic beverages (14.8%). Lithuanians, like Latvians, plan to spend most of their money on toys and games (20.7%), sweets and delicacies (15.7%) and beauty accessories (15.1%).
When selecting Christmas gifts, Latvian residents give preference to traditional stores. 16.9% of all their purchases are made on the Internet. Lithuanian residents are the most active Internet store users in Baltic States – 20.2% of purchases are made online. Only 15.6% of purchases of Estonian residents are made on the Internet.