Croatians certainly didn’t hold back with their festive spending this year, with estimated expenditure on consumption in December reaching a massive 13.5 billion Kuna. The Croatian Chamber of Commerce reported that holiday spending in the country was around a billion more than expected.
At the end of November, the Croatian Chamber of Economy (HGK) announced an estimate that Croatian citizens would spend 12.5 billion in December, which would be 500 million or about 4.2 percent more than in December 2016.
Shoppers in Zagreb
And when it comes to Christmas presents there was money to spend this year. A survey by HGK showed that 39 percent spent between 100 and 500 Kunas on gifts, 31 percent laid out between 500 and 1,000 Kuna on Christmas presents whilst 9 percent spent more than 1,000 Kunas of festive gifts. 21 percent of the survey said that they spent less than 100 Kunas or nothing on Christmas presents in 2017. The survey was conducted on 1,300 respondents in the period from the 22nd to the 29th of December 2017, reported HGK.
"Increased holiday spending is a consequence of a rise in the standard of living, which is evident both in terms of wage growth of 4 to 5 percent, employment growth of about 2 percent, increase of retail trade turnover by approximately 4 to 5 percent and ultimately growth of GDP," commented Zvonimir Savić, the Director of the Department for Financial Institutions, Business Information and Economic Analysis of the Croatian Chamber of Economy.