Due to Prices, Latvians Start Tightening Their Belts: Saving on Services and Entertainment 0 6

The trend of saving on beauty services and clothing purchases is particularly pronounced among young people — 41% of respondents aged 18 to 29 prefer to buy clothes on sale, in second-hand stores, or simply buy less. Additionally, 26% of survey participants indicated that they are saving in all categories of expenses, while only 10% believe they can afford not to save.

The survey showed that 31% of respondents are also cutting back on leisure expenses, while 24% are reducing spending on travel and cultural events such as concerts, movies, and exhibitions. At the same time, 19% of residents are trying to save on food, although they acknowledge that reducing these expenses is particularly difficult.

Transportation expenses are another category where people are looking for ways to cut costs: 21% of respondents are trying to limit spending in this area, especially among young people and residents of Riga. Meanwhile, expenses on utilities and housing are the least flexible: only 8% of respondents manage to save in this category.

Among respondents, 7% believe they can save on housing-related expenses — for example, on utility bills, electricity, or internet.

The survey also revealed socio-demographic differences: young people are more likely to save on fashion, entertainment, and transportation, while people over 50 are more likely to cut expenses in all areas. In Riga and the suburbs, people save more on culture and transportation, while in the regions, they also save on food.

The survey results show that women are more likely to review their spending on beauty services, while men more often indicate that they save in all areas.

The population survey was conducted by the bank in collaboration with the research agency "Norstat" in September 2025, interviewing over 1,000 residents of Latvia aged 18 to 74 online.