According to a “Sprinter Analysis” survey published on 7 August, Lithuania’s population are most likely to cut their clothing and entertainment budgets as prices rise in the country. In comparison, only one fifth of Lithuanians have reduced their spending on vehicles, lrtyas.lt reported on 7 August.
53.6% of respondents said that they have tried to save on clothing and footwear, while 52.6% admitted to reducing their leisure and entertainment budgets. Furthermore, 27.4% claimed they were economising by spending less on alcohol, and 26.6% by reducing their food budgets. 25.8% of respondents added that they were spending less on personal maintenance, such as haircuts. Around 19% added that they had begun to budget on the maintenance of their cars, while 18.4% are reducing their communications expenditure.
Translated by Simona Skonsmonaite, Skonsmonaite.simona@gmail.com
Edited by Charlotte Radford
Consumer response to austerity does have its positive side. When times are good there is greater likelihood of goods and services being artificially high. Reduced demand has much the same effect as an autumn gale brushing a forest clean of its natural flaws.
The complacent businesses go to the wall and only the strong survive. Many do so by improving their service. This is achieved by pruning their costs, raising their standards and reducing prices, all of which gives the hard-pressed customers better value for money. Spain is going through tough times but household outgoings have either fallen or remained level.