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Weakening currencies of surrounding countries make shopping abroad more attractive for Slovaks

Xinhua, January 14, 2015 Adjust font size:

The weakening of the currencies of surrounding countries has made shopping abroad an enticing proposition for the Slovaks, local media reported on Tuesday.

"The swings in the currencies of neighboring countries versus the euro may have an effect on 'shopping tourism' among Slovaks in these countries," news agency TASR quoted Slovenska sporitelna bank analyst Katarina Muchova as saying.

Only certain kinds of items tend to be worth going abroad for, as exchange rates aren't the only factor that prompts Slovaks to shop abroad, said Muchova, adding Poland has better prices for foodstuffs, clothing and footwear, while Hungary is cheaper for books, alcohol and household furnishings.

The rates of currencies in the immediate vicinity of Slovakia are moving downwards along with the plunging euro. Moreover, the Hungarian forint and the Czech koruna have eased against the euro by 6 and 3.5 percent respectively since early last year.

"Shopping tourism or making purchases via e-shops abroad are not a new thing in Slovakia. This tends to thrive especially when the currencies of the countries concerned versus the euro are weakening notably. This is apparently what we're witnessing now," said Postova banka analyst Jana Glasova. Endit