Unlike the second quarter of 2024, when consumers in the region had a positive perception of their financial situation, the third quarter saw negative trends in this indicator in all countries except Slovenia.
The biggest decline was recorded among consumers in Serbia, where the perception of financial situation dropped by 14 points. Croatia and Bosnia and Herzegovina followed with an 11-point decrease, while, on the other hand, only consumers in Slovenia had a slightly positive perception of their financial situation (two positive points).
The level of consumer spending in the region is stable for now
In comparison to the second quarter, the third quarter of 2024 does not show significant fluctuations in the level of consumption. A positive change was recorded only in Slovenia, where the perception of consumption increased by 3 points, unlike Croatia, where there was a decline of 10 points. In Serbia and Bosnia and Herzegovina, there were no significant changes, and the perception of the level of consumption remains at the same level as in the second quarter of 2024.
Saving – a challenge for consumers in the region
Regarding savings, no significant changes have been recorded in the last three months. The highest percentage of those who managed to increase their savings is in Slovenia (9%), with similar results observed in Croatia and Bosnia and Herzegovina (8%). The lowest percentage, 5%, was recorded among consumers in Serbia, where the fewest citizens were able to increase their savings during this period.
It is also interesting to look at the data on consumers who, although they were saving three months ago, are no longer able to do so. In this regard, consumers from Serbia lead, with 24% no longer being able to save. Similar results were recorded in Croatia and Bosnia and Herzegovina, with 20% of consumers in both countries. The lowest percentage of those who stopped saving, despite having done so three months ago, was recorded in Slovenia (15%).
The search for more affordable prices of products and services
In the third quarter of 2024, Croatian consumers continue to seek more affordable prices for products and services. The largest percentage, as much as 66%, consists of those who frequently buy discounted products, while a significant number prefer shopping in cheaper stores. Additionally, 57% of consumers stated that they had canceled various subscriptions, while 37% gave up purchasing unnecessary products and services. In the last three months, 35% of consumers have been looking for better prices for services, while only 26% mentioned buying larger quantities of food and everyday products.
What concerns Croatians the most?
Inflation continues to be the biggest concern for Croatian consumers in the third quarter of 2024, with as many as 60% fearing further increases in the prices of products and services. Climate change and extreme weather conditions worry 37% of consumers, while 20% express concern about the current political situation in the country. Additionally, 21% of Croatian consumers cite rising real estate prices as a reason for concern, and 19% are worried about the war in Ukraine and the potential escalation of the conflict.
Comparison of QUALITY OF LIFE in Croatia with the period before 2020
More than half of Croatian consumers stated that their quality of life is worse compared to the period before the pandemic. 26% of consumers believe that their quality of life has remained the same, while 22% said that their life has improved compared to that period. These data show how the pandemic and its consequences have had a significant impact on the perception of living standards in Croatia, with a large portion of consumers still facing challenges.
