Survey: Most Czechs are looking to cut costs as prices rise, mainly by saving energy

Most Czechs are changing their consumer habits because of inflation and rising prices. More than half of households are cutting their energy consumption, particularly heating and hot water use. In addition, more and more people are going without things such as visits to restaurants and cultural venues, and are also cutting back on food and other activities. This is according to a survey by energy group UCED, conducted by Ipsos.

According to the survey, conducted among 500 respondents this June, households are looking to save money in a number of areas. In addition to energy, 40 percent of those surveyed are also cutting back on everyday household expenses. For example, they are reducing spending on food and cancelling subscriptions to newspapers, TV services or streaming platforms. They are also cutting back on children’s extracurricular activities. More than two-fifths of respondents said they would skip visits to restaurants, theatres and concerts. Some people are also cutting back on holidays. Nearly a quarter of respondents will forgo a summer holiday abroad, while one in seven Czechs is considering skipping a holiday altogether or taking only shorter trips around Czechia.

„Twenty-eight percent of respondents had to deal with an energy bill shortfall. Eight percent of people had to pay more than 10.000 crowns, with the highest numbers in the Karlovy Vary and Liberec regions. One in four households dipped into their savings because of high energy costs, and four percent had to borrow money because energy prices had risen,“ commented Václav Skoblík, commercial director of energy group UCED.

According to the company, however, the impact of rising energy prices on Czech household finances will only be fully felt this year. UCED noted that one in five households still has fixed prices under contracts signed before 2022, while the government’s energy-saving tariff was also in effect last year. Around a quarter of households have yet to receive their bills, and most expect to have to pay extra for energy.

„Positive signals from the energy market offer considerable hope that electricity prices for households will fall from their current record highs, but there can be no question of prices returning to the levels seen two years ago. This is due at least to gas prices being more than twice as high and to record prices for emissions allowances,“ Skoblík added.