The analysis found that concentrated holiday spending on shopping, services and logistics accounts for roughly 10 percent of annual retail activity, lifting fourth-quarter GDP growth by about 0.5 percentage points.
The seasonal boost is driven largely by increased activity in retail trade, transport, logistics and food services, the bank said.
Higher sales volumes, more transactions and stronger demand for delivery and transport services raise overall value added in the economy in the final weeks of the year.
Market services such as food delivery and passenger transport provide further support.
While much of the production of holiday goods takes place earlier, economists said the strongest impact is felt during the sales and so-called "last-mile" service phase in the run-up to Christmas.
While much of the production of holiday goods occurs earlier, VeloBank said the strongest impact is felt during the sales and so-called "last-mile" service phase in the run-up to Christmas.
In a recent survey, nearly half of Poles said they were planning to cut their Christmas spending this year compared with 2024, saving on holiday expenses such as gifts, food and travel.
Another recent study found that Poles plan to spend an average of PLN 1,387 (EUR 330, USD 385) on Christmas this year, PLN 66 less than in 2024.
(gs)
Source: velobank.pl