Analytics, Banks, Estonia, Quality of life, Society
International Internet Magazine. Baltic States news & analytics
Saturday, 27.04.2024, 01:10
SEB: Estonians' spending rose in excise duty related goods groups
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.