Despite a growing economy and higher salaries, many Czechs are still taking loans to buy Christmas gifts for their nearest and dearest. According to a survey carried out by the Czech Banking Association, some seven percent of Czech consumers will borrow money to cover their seasonal expenses. What is more, around one-third of those are willing to take high-risk loans.
Czech consumers are predicted to spend around CZK 800 million on Black
Friday this year, which is around 250 percent more than on a regular Friday
and a 25 percent increase on the previous year.
The peak of the Christmas shopping frenzy is expected on December 10, when sales are likely to reach over one billion crowns.
According to an analysis carried out by the company Shoptet, providing a platform for around 50 percent of the country’s online stores, some 450,000 Czechs will shop on Black Friday, spending on average CZK 900.
Czechs are known around the world for a number of inventions, such as soft contact lenses or the Semtex plastic explosive. But not many know that they also invented the so-called síťovka or net bag, which was a predecessor of the widely used plastic bags. Czech Radio paid a visit to a Prague-based company, called Czech Net Bag, which has been trying to revive the nearly hundred-year-old product and bring it back into fashion.
Czechs borrow most in the weeks leading up to Christmas, including by
taking advantage of credit offered by retailers, according to a new survey
commissioned by the Czech Consumers’ Association.
During the course of the year, on average about 27 percent have borrowed beyond their means. Twice as many do so between mid-November and early December, the survey found.