Consumer Lifestyles in Latvia

Consumer Lifestyle

About This Report

Jan 2015

After suffering through years of austerity, Latvian consumers are now enjoying rising disposable incomes and, in turn, are spending more on goods and services. On the other hand, many households are still struggling and many remain price-conscious and wary of spending. Regardless, Latvian consumers are generally confident about their financial situation in the coming years and it is indeed expected that income, spending and savings will increase, at least in the short term.

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Consumer Lifestyles in Latvia

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TOP FIVE CONSUMER TRENDS

Consumers remain optimistic about their financial futures
Consumers increasingly turning to online shopping sites
Growing demand for locally produced food products
Consumers’ use of financial cards expected to continue to grow
Despite rising incomes consumers still find it difficult to save

CONSUMER SEGMENTATION

Babies and Infants
Breastfeeding is gradualy increasing
Mothers increasingly cooking baby food for their infants
Kids
Consumers turning to domestic kids’ clothing brands
Kids eating healthier school meals
Tweenagers
Tweens are active phone users
Teens
Ban on energy drink consumption among teens
Young Adults
Young adults are the most frequent online shoppers
Middle Youth
Growing number of Middle Youth diverting income into voluntary pension plans
Mid-Lifers
Mid-Llifers are active travellers
Late-Lifers
Many Late-Lifers must skip medical check-ups due to lack of funds
Late-Lifers increasingly turning to the internet
Chart 1 Population Aged 15-64 Compared with Old-Age Dependency Ratio 2000-2020
Table 1 Consumer Segmentation and Population Data 2000, 2005, 2011, 2012, 2013, 2016

HOUSING AND HOUSEHOLDS

Home Ownership
Household Profiles
Running Costs
Consumers spending more on home improvements
Chart 2 Number of Households by Disposable Income Bracket 2005, 2010, 2016
Table 2 Housing and Households Data 2000, 2005, 2011, 2012, 2013, 2016

MONEY AND SAVINGS

Attitudes toward Payment Methods
Savings
Loans and Mortgages
Young consumers save more compared to older consumers
Consumers becoming more comfortable borrowing for car purchases
Chart 3 Consumer Lending Compared with Savings and Savings Ratio 2000- 2016
Table 3 Money and Savings Data 2000, 2005, 2011, 2012, 2013, 2016

EATING AND DRINKING

Eating Habits
Restaurant menus reflect increasing consumer preference for local products
Drinking Habits
Increased demand for craft beers
Chart 4 Real Growth in Consumer Expenditure Compared with Real Growth in Consumer Expenditure on Food and Alcoholic Drinks 2000-2016
Table 4 Eating and Drinking Data 2000, 2005, 2011, 2012, 2013, 2016

GROOMING AND FASHION

Perceptions of Beauty
Female Grooming
Male Grooming
Fashion Trends
Chart 5 Real Growth in Consumer Expenditure Compared with Real Growth in Consumer Expenditure on Clothing, Footwear and Personal Care 2000-2016
Table 5 Grooming and Fashion Data 2000, 2005, 2011, 2012, 2013, 2016

HEALTH AND WELLNESS

Attitudes to Health and Well-being
Obesity
Attitudes to Smoking
Some patients relying on personal loans to cover medical costs
Chart 6 Real Growth in Public and Private Expenditure on Health Compared with Healthy Life Expectancy at Birth 2000-2013
Table 6 Health and Wellness Data 2000, 2005, 2011, 2012, 2013, 2016

SHOPPING HABITS

Main Household Shop
Shopping for Big-ticket Items
Personal Shopping
Shopping Online
Growing demand for locally produced food products
Consumers increasingly turn to international internet retailers
Chart 7 Index of Retail Sales through Supermarkets and Internet Retailing 2000-2016
Table 7 Shopping Data 2000, 2005, 2011, 2012, 2013, 2016

LEISURE AND RECREATION

Staying in
Going Out
Consumers increasingly using the internet to enhance leisure activities
Sport and Fitness
Vacations
Public Holidays, Celebrations and Gift-giving
Increasing popularity of independent travel
More Latvians travelling abroad on holidays to visit family and friends
Chart 8 Percentage of Households in Possession of Cable TV; Satellite TV System; Internet Enabled Computer; Mobile Telephone; Video Games Console 2000-2016
Table 8 Leisure and Recreation Data 2000, 2005, 2011, 2012, 2013, 2016

GETTING AROUND

Private Transport
Public Transport
Commuting
Air Travel
Increasing demand for rental cars for leisure travel
Chart 9 Real Growth in Consumer Expenditure Compared with Real Growth in Consumer Expenditure on Transport Services and Purchase of Cars, Motorcycles and other Vehicles 2000-2016
Table 9 Transport Data: 2000, 2005, 2011, 2012, 2013, 2016