High inflation and grim financial outlook have not yet had a significant impact on consumption
Slovaks spent 68% more annually in brick-and-mortar stores early in December, and payments in online stores were 11% higher, VÚB data show. Last year's Christmas shopping was hampered by the pandemic. High inflation and grim financial outlook have not yet had a significant impact on consumption, although household savings have already fallen. For the first three quarters of the year household incomes grew faster than expenditures and their disposable income increased by 12%. However, VÚB expects the trend to turn, and household expenses will grow faster than incomes in 2023. This may reduce consumption.
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