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International Internet Magazine. Baltic States news & analytics Sunday, 18.08.2019, 02:44

SEB: Estonians' spending rose in excise duty related goods groups

BC, Tallinn, 30.01.2019.Print version
According to a SEB client base analysis, the expenses of Estonians rose the most in excise duty and leisure related goods groups in 2018, writes LETA/BNS.

Estonians' spending on fast food has increased by approximately 30%, while spending on alcohol rose by the same amount. An approximately 20% growth in spending was recorded at automatic filling stations and accommodation establishments, SEB said.

In the total volume, Estonians' card payment transactions for goods and services have grown on year. There was no decrease in any larger goods group, however, the purchasing volumes of construction materials and electronic goods rose slightly less, while purchases of services related to cruise shipping also increased less.

"Fuel and alcohol are two goods groups the prices of which were raised by excise duty hikes, this is why the increase in expenses in these goods groups is relatively logical. As the situation of the economy has been very good for a long time from the perspective of a salaried worker, it is not surprising that people are spending more on leisure activities, hobbies and entertainment, like eating out and traveling. We are also not expecting a large drop in consumption this year, either," Ainar Leppanen, member of the management board of SEB, said.

Estonians' spending on food and consumer goods have risen on average by approximately 8 percent on year. The sales volumes of nightclubs and bars showed a 13% increase, while the spending was highest in the clothes' section on women's clothes with 14%. The data has been taken from the 2018 customer base study of SEB's customer base, which is based on transactions made by SEB Estonia's debit and credit card holders.

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