More than half, or 59%, of the Latvian public is building up their savings, according to data from the “Maxima Retail Compass” industry overview survey. The majority of respondents (59.4%), regardless of age group, are saving for unexpected expenses (a +4.5% increase on last year).
Comparing respondents’ answers with previous periods, the number of people who are saving without a specific goal in mind because they have available funds has grown by 3.9% in the past year. Meanwhile, the number of people saving for retirement has grown by 1.7%.
Zane Kaktiņa, Head of Business Analytics at “Maxima Latvija”, explains: “In this survey, we noticed that the proportion of people saving for particular goals has changed. Compared with previous periods, there are now fewer people saving for goals such as “a rainy day,” which is likely linked with feeling more secure about the future economic situation.”
People are also less likely to save for a specific larger purchase. The proportion of people saving for this goal has reduced the most among younger respondents who are saving for other reasons, such as a specific service (health/education) or event (wedding/holiday). Younger respondents have begun saving more for travel in particular.
About the ‘’Maxima Retail Compass’’ industry overview:
The ‘’Maxima Retail Compass’’ is a comprehensive industry overview in which experts from the retail chain ‘’Maxima Latvija’’ give their opinion on the current situation in the retail industry and its future development trends. The overview is based on ‘’Maxima Latvija’’ data, in addition to support from the best researchers from market and public opinion research company SKDS, and data from the Central Statistical Bureau of Latvia, Eurostat and other sources.
Information for the media:
Liene Dupate-Ugule
Head of Communications, SIA "Maxima Latvija”
Tel: 26425420
