Sat, Feb 11 2012

Consumer confidence dips as more people choose to save

Fri, Feb 06 2009 11:56 CET

byNick Iliev

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Consumer confidence in Bulgaria for the period January 2009 has decreased by 6.7 per cent since October 2008, according to the National Statistics Institute, the NSI, as reported by Investor.bg. Declining consumer confidence is considerably stronger in the cities, eight per cent in comparison to 4.3 per cent in rural areas.

In January consumer skepticism accelerated in light of the increasing economic crunch. The following 12 months are expected to indicate more pessimistic tendencies and a further reduction in consumer confidence, particularly in urban areas. 

Figures show that in January 2009 61.2 per cent of the urban and 68.3 per cent of the rural population believed that unemployment would increase in the next 12 months, whereas the corresponding figures in October 2008 were 29.6 and 36 per cent respectively. Interestingly, respondents expected that inflation would decrease slightly in both cities and rural areas.

For the second consecutive quarter, statistics indicate a greater interest in saving money for the household rather than spending it in the wider economy. In October 2008 2.7 per cent believed it that the situation was appropriate to save money, whereas three months later, in January 2009, 3.5 per cent indicated a willingness to save.

Finally, statistics indicate that the purchase of long term goods, such as vehicles, technology or real estate, also dropped in January 2009. 

 

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