Czechs borrow most in the weeks leading up to Christmas, including by
taking advantage of credit offered by retailers, according to a new survey
commissioned by the Czech Consumers’ Association.
During the course of the year, on average about 27 percent have borrowed beyond their means. Twice as many do so between mid-November and early December, the survey found.
Czechs are borrowing more than ever to buy Christmas presents for their relatives and friends, suggests a survey carried out among the country’s non-banking consumer lenders. In the months preceding the festive season, loan firms are traditionally recording an increase in the number of loan applications.
Czechs spent 51.5 billion crowns in e-shops in the first half of the year,
11 per cent more in annual terms. Growth slowed during hot weather, which
came to the Czech Republic in April.
Overall spending is expected to rise, as since last year the Czech Republic has the largest number of e-shops in Europe per capita, while brick and mortar stores increasingly offer goods online. In 2017 e-shop sales grew 18 per cent to 115 billion.
The Czech retail sales boom speeded up in April with a 5.6 percent increase
on spending levels compared with a year earlier. March sales rose at the
rate of 3.9 percent.
Sales rose fastest in non-food items, food sales were almost unchanged. And the boom in sales via the Internet and via mail order companies continued with a 20.3 percent annual increase according to the Czech Statistical Office.
Czech Republic has taken a top spot in Europe in terms of internet sales, according to data released by the research agency GfK and the Czech Confederation of Commerce and Tourism on Tuesday. More than 43 percent of technical or non-food goods in the country are currently sold online, according to the study.