Saturday, 15 March 2025
One in four Poles takes on debt to organize an extravagant Christmas, with 6% repeatedly resorting to borrowing, according to a study conducted by IMAS International on behalf of the National Debt Register (KRD). For three-quarters of respondents, gifts exceeding 500 PLN per person are considered a luxury expense.
The study, titled “Luxury for the Holidays”, shows that Poles often rely on family assistance (11%), bank loans (9%), or defer payment of their current bills (5%) to afford festive celebrations.
“Luxury means different things to different families. For some, it’s about simple traditions and small gifts, while for others, it means lavish meals, expensive decorations, or luxury gifts. If done within one’s budget, there’s no problem. The real issue arises when borrowing leads to long-term debt and austerity measures in the following months,” said Adam Łącki, President of the National Debt Register. “Our data shows that 2 million Poles collectively owe PLN 43.4 billion. Falling into a debt spiral can harm not only finances but also mental well-being.”
The study identifies three consumer spending patterns during the holidays:
1. Frugal Approach – 39% stick strictly to their budgets.
2. Moderate Spending – 45% aim for elegant celebrations while controlling expenses.
3. High Spending – Nearly 10% are willing to overspend to make the holidays extraordinary.
For 75% of respondents, a gift worth more than 500 PLN per person is seen as “luxurious.” Other high-cost holiday expenditures include:
• Christmas trips abroad (56%),
• Home decorations costing several hundred zlotys (44%),
• Exquisite holiday dinners (33%).
For two-thirds of Poles, gifts represent the biggest holiday expense. Preparing meals (50%) and holiday trips (20%) also strain budgets, while 10% cite decorations as the most significant drain.
The study highlights that borrowing to finance Christmas celebrations is relatively common:
• 11% turn to family or friends for financial support,
• 9% take out bank loans,
• 5% delay paying current bills to fund holiday spending.
Among those who borrow, 6% have done so repeatedly, underscoring a concerning trend.
For most Poles, holiday expenses have a moderate impact on their finances in the following months, with 44% reporting manageable strain. However, 5% admit that holiday costs significantly burden their finances, a sentiment more prevalent among those who overspend.
The “Luxury for the Holidays” study was conducted by IMAS International in November 2024 using the CAMA method. The survey included a representative sample of 1,011 Poles aged 18–74.
As the data shows, while many Poles aim to strike a balance between celebration and financial prudence, a significant number still resort to borrowing to fund their festive dreams, risking long-term financial instability in the process.
Source: IMAS/KRD and ISBnews
