Survey reveals over half of Czechs require additional funds for their summer getaway

Financial strain and inflation see one in three Czechs opt for bank loans to finance their vacations. Staff ČTK

Written by StaffČTK Published on 04.07.2023 14:23:00 (updated on 04.07.2023) Reading time: 2 minutes

With the onset of summer amid the backdrop of cost-of-living troubles in Czechia, many Czechs are looking for ways to make extra money in the coming months. A recent survey conducted by budgeting application Patron GO found that 64 percent of Czechs are planning to cover the costs of their summer vacation either by dipping into savings, taking out a loan, or working a side job.

In 2022, around half of all Czech adults reported going abroad during the summer months. This year, about one in three Czechs plan a trip abroad. A similar number of domestic trips is planned this year.

More than 1 in 10 Czechs take out loans to finance holidays

Out of the respondents, 33 percent mentioned that their main source of financing for the vacation would be their savings, while 14 percent are considering borrowing from a bank. This statistic raises concerns, as borrowing for a vacation is not advisable, according to Parton GO CEO Lukáš Vršecký.

The survey also shed light on the current economic situation and its impact on summer vacation plans. A majority of adults (78 percent) are planning to have only one summer vacation this year. Approximately 60 percent of respondents estimated that their vacation budget per person would not exceed CZK 10,000, while one-quarter expected to stay within CZK 20,000.

Cutting back on costs and vacation time

Despite the modest budgets, almost 90 percent of Czechs have chosen not to opt for “expensive and luxurious” holiday destinations, but for more financially viable options. Out of those respondents, 48 percent expressed a lack of interest in luxury, while 40 percent cited financial constraints as the reason for their choice. The survey revealed that 53 percent of respondents prefer a holiday within the country, while 38 percent desire a seaside vacation, for instance in Croatia.

When it comes to financial planning, 39 percent of the surveyed individuals said that they plan to spend less on their vacation compared to the previous year due to the higher cost of living. Additionally, 42 percent are planning shorter vacations due to limited funds. Approximately half of the respondents expect their vacation spending to remain similar to that of the previous year.

A separate study from CzechTourism found that Czechs plan to spend an average of CZK 8,363 per person on their summer vacation this year, with the most money going to accommodation (CZK 3,957).

The combination of less disposable income and higher cost-of-living levels has only partially lessened Czechs’ desire to have a summer vacation, which will need to be funded by additional income sources.

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