Czechs expect debt fuelled Christmas

Czechs are expected to spend on average 10,000 crowns for Christmas presents this year, which is an increase by about one fifth on the previous year, suggest a survey carried out by the agency Nielsen Admoshpere for Profi Credit, a company providing financial and credit services.

Photo: Štěpánka BudkováPhoto: Štěpánka Budková According to the survey, most Czechs regard the Christmas season as a financial burden and they have to save for the presents. Only 17 percent of the respondents said they can finance Christmas presents from their regular budget.

The survey suggests that some 97 percent of Czechs, who celebrate Christmas, buy presents to their friends and relatives. Some 85 percent of Czechs buy presents for their partners and kids, but only 35 percent also give presents to their other relatives.

The most popular Christmas presents are cosmetic products (47 percent) and clothes (40 percent). The most common present for kids are clothes (44 percent) and toys (41 percent). More than half of respondents plan to spend up to 2,000 crowns for their partner’s presents. Some 40 percent of parents will spend the same sum on their children.

The average loan Czechs take to help them finance the festive season is 10,000 crowns.

“At the moment, the average Christmas loan at Profi Credit is 10.825 crowns, which is eight percent more than in the previous year. It reflects the optimism of Czech households and willingness to spend more,” the marketing head of Profi Credit, Dana Soukeníková, told the Czech News agency.

On average Czechs spend some 4,000 crowns during the festive season on food, alcohol and Christmas decorations, the survey suggests.