Jul 07, 2024

Czech Consumers Pessimistic, Despite Improvements In Personal Finances

More than half (53%) of Czech consumers are pessimistic about the country’s socio-economic future.

However, more than two-thirds (68%) believe that their household’s financial situation will improve (or remain unchanged) in the coming year, a new study has found.

The study, undertaken by STEM alongside KPMG, found that the percentage of Czech consumers that are looking ahead to the next year with ‘concern’ or ‘uncertainty’ has also increased, albeit slightly.

Bad Mood ‘Persists’

“The bad mood still persists. Specifically, 53% of people think that the overall situation in the Czech Republic is not developing well,” commented STEM director Martin Buchtík. “However, the data on the financial situation of households indicate that we are out of the worst.”

The survey showed improvement in the ability of households to develop savings in almost all demographics, except among those whose highest education level is primary school. In addition, banks continue to enjoy high public trust in the country, a level of trust that remains stable despite external shocks.

Economic Growth

“We expect economic growth to resume this year and in the coming years, but we will probably return to the 2019 economic level only this year,” added KPMG economist Adam Páleníček. “So, we lost five years, mainly due to double-digit inflation. […] The awareness of lost years may contribute to the negative mood regarding the country’s direction, despite the growing economy.”

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Páleníček believes that the economy will return to its historical ‘peak’ in 2026 at the earliest.

The research was conducted by STEM using a combination of online questioning on the Czech National Panel and personal questioning through STEM/MARK interviewers on a representative group of Czech residents over 18 years old, between 9 and 18 May 2024.

A total of 1,053 respondents participated.

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