Over the past year, income of households has increased by 40.6%, shown by the data of the latest “Maxima Retail Sales Compass” industry overview. When comparing the survey data obtained two years ago (in 2017), it is seen that the number of respondents experiencing an increase in income has grown by 8.4 percentage points.
Moreover, in the last two years, the difference between the proportion of respondents who reported an increase in their income, and those whose income has decreased, is doubled.
The largest income increase is seen among respondents aged 25 – 34 (increase by 16.5 percentage points). Significant fluctuations are also seen in the age group of 64 to 75 years (increase by 13.7 percentage points), which is possibly related to pension indexation.
If we analyse data from the regional point of view, we can see a significant increase of those Riga residents, who declared that their income has increased (increase by 15.7 percentage points). People from Vidzeme should be also worth mentioning, the number of people who reported an increase in their income is well above the average population in other regions.
Head of Business Analytics Department of “Maxima Latvija” Zane Kaktiņa adds the following: “We can also see the increase in household income from the composition of our customer’s shopping carts. Citizens can afford more, therefore more expensive and exclusive goods are put in the carts.”
From all households who declared that their income has increased, the share of households having a high income per household member (800 euro and more), has increased by 7.8 percentage points in the last two years.
About “Maxima Retail Compass”:
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 the SKDS market and public opinion research company, and data from the Central Statistical Bureau of Latvia, Eurostat and other sources.
The survey was undertaken in collaboration with the market and public opinion research company SKDS in April 2019. 1,005 respondents between the ages of 18 and 75 took part. The industry overview “Maxima Retail Compass” can be found here:
https://www.maxima.lv/par-uznemumu/kompass
Information to the media:
Liene Dupate-Ugule
Head of Communications, SIA Maxima Latvija
Tel.: 26425420
E-mail: liene.dupate@maxima.lv
