Romanians not willing to cut food budgets

“Romanians are still riding the economic expansion wave and, at least for the time being, they do not feel the need to adjust their lifestyle or consumption levels in any way,” in spite of the global crisis, according to Nielsen Romania Country Manager, Emanuel Sanda. On emerging markets, including Romania, consumption has not been affected as sharply by the global financial turmoil as developed economies. Many products and services are still registering double-digit growth. According to the study, the sectors worst hit by the crisis globally are likely to be clothing retail and personal technology retail. One in two Romanians (56 percent) will lower his budget for new clothing while two in five will try to save by lowering his gas and electricity bills, the Nielsen survey shows. Globally, 46 percent are willing to spend less on clothes. In the U.S., 67 percent of respondents are saving gas and electricity and 50 percent are lowering expenses for entertainment and eating out. In France, people plan to consume less wine and meat, while 37 percent will spend less on home entertainment. However, most Romanians are not willing to cut their food product budget. “Consumers were prepared for the year 2008 to be harsher and the consumer trust index registered the most significant decline in countries such as the U.S., Britain, Italy, and France, six or 12 months ago. That is when consumers in various regions began saving,” said, The Nielsen Company’s Marketing Vice President, James Russo. (V.P.)