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Tuesday 25.07.2017 | Name days: Jēkabs, Žaklīna
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Nearly every tenth Latvian took a loan to buy a Christmas gift

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUNearly every tenth respondent has at least once used a loan to purchase a Christmas gift, according to results of a survey by DNB Bank.

As noted by 78% of respondents, residents most often compile a specific budget for Christmas gifts. They pick the most appropriate options within the Christmas budget’s constraint. 9.1% of respondents plan Christmas gift budgets in advance – making savings to afford everything. Even if they pick an expensive gift, the family’s December budget does not suffer from it. Every tenth respondent, or 9.3%, says it is not always possible to stick to the budget. With that, residents sometimes use loans to buy gifts for their relatives.

«42.4% of respondents said they will join in the Christmas shopping fever and buy gifts at the last moment. This often comes with a lot of stress – gifts are desperately needed in spite of all kinds of factors, including price, because the next day is already Near Years and there are no alternatives left. We have noticed that people often use the card overdraft option in December,» – says DNB Bank Private and SME Lending head Kaspars Anckalnins. He adds that residents have to be responsible and consider their loan repayment capabilities carefully before taking a loan.

Loans are most often used by respondents aged 36 to 45 (15.9%), which is three times more often than people aged 56 to 65 (5.3%). There is relatively little different between men and women in terms of using loans to buy gifts (8.3% and 10.4% respectively). Women consider buying gifts in advance more often than men (11% of women and 7.1% of men).

There are differences among regions of Latvia as well. Loans to buy gifts are more often used by residents of Vidzeme (14.8%), followed by Zemgale (11.1%), Pieriga (10.9%) and Riga (8.6%). The rarest users of loan services are found in Kurzeme and Latgale (6.3% and 5.6% respectively). Most residents who save money for gifts in advance are found in Vidzeme (13%) and Latgale (12.7%).

Ref: 102.109.109.3623


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