COVID-19 epidemic: Most Poles ready to tighten their belts

Sixty-eight percent of Poles are ready to reduce their regular purchases and expenses to save their household budgets under the coronavirus epidemic, the GfK pollster announced on Monday in its “GfK Corona Moods” consumer survey.

Forty-two percent of the pollees said they were ready to take on extra work, 13 percent considered selling property.

Six percent said they would take out bank loans, two percent opted for private loans, 14 percent said they would close savings accounts, five percent that they would cease paying loan instalments, and three percent that they would stop paying regular bills.

Thirteen percent said they would avail themselves of financial solutions offered by the government while 11 percent expected no financial problems.

According to GfK, reduced consumer spending could have adverse effects on retailers and producers, especially in the food, household goods and TV/radio sectors. Also affected may be the banking segment, GfK wrote.

“However, in this case, the changes may come both negatively and positively on the sector… Increased demand for loans may bear positively on the [banking] sector as six percent of respondents consider taking out bank loans and two percent weighed out approaching private loan companies. Whereas considering the negative consequences, they could be brought about by strategies such as liquidation of savings accounts (choice of 14 percent of respondents) and the discontinuation of paying up obligations and loan instalments (five percent of respondents opted for this strategy),” the survey reads.