56% Romanian consumers will cut back spending for new clothes due to economic crisis

According to Nielsen survey, clothing retail will be one of the most affected sectors by the financial crisis, as 49% global consumers and 59% Romanian consumers will spend less on new clothes.

Furthermore, the personal technology sector is likely to tumble, because 40% global consumers consider postponing technological retooling (mobile, laptop) arising from the wish of saving money, while in Romania, more than a half do this.

Millions of surveyed consumers in the countries with the fastest development pace believe the recession will end within less than a year, according to Nielsen Global Consumer Confidence Report that surveyed 26,202 consumers in 52 countries, in the midst of a global economic crisis, in October 2008.

Thus, 51% Indians, 45% Vietnamese and approximately one of three Russians expect the global recession to end in the following 12 months, reads the Nielsen report.

“Despite being impacted by the current global conditions, corporations and consumers in these large developing markets are aware that their medium-to-long-term prospects remain strong,” said James Russo, VP, Marketing, The Nielsen Company.

Meanwhile, in the growing economies, such as China, Vietnam but also Romania and Bulgaria many categories of products and services continue to post double digit growth, the consumption not being affected to the same extent as the western economies.

However, spending will remain low over the forthcoming Christmas season in the western countries, vut the consumers hope that things will be better by the end of 2009.

“Romanians are still riding the wave of economic slowdown, and at least for the moment, they haven’t felt the need of adjusting the lifestyle, or the consumption level at any extent”, said the country manager of Nielsen Romania, Emanual Sandu.

One in six US consumers also expect the recession to end within 12 months, while in Romania, two of five consumers (40%) say the country is already in recession.

“While the recent global financial turmoil clearly confirmed consumers’ worst fears of an imminent global slowdown – consumers had braced themselves. Our research showed that consumers were prepared for a tough 2008 and confidence in many countries including the USA, UK, Italy and France actually recorded their most significant declines six to twelve months ago. That’s when consumers in every region began to tighten their belts,” Russo added.

According to Nielsen report, one in two consumers will cut back on buying new clothes and will try to save on gas and electricity bills.

Translated by Camelia Oancea

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