More than 60% of Romanians expect to spend less money for the Christmas and New Year holidays this year, according to an ING international survey conducted in five European countries (Germany, Romania, Poland, Spain and the Netherlands).

Romanians are in first place, along with Spaniards, in cutting their holiday spending, followed by Poles (45%), Dutch (32%) and Germans (31%).

"Unlike other years, the winter holidays will most likely highlight two distinct phenomena: on one hand, the intention to rationalize spending and increase savings - an absolutely natural behaviour given that we are going through a period marked by uncertainty and, on the other hand, the increasing migration to online shopping,” commented Valentin Tataru, economist at ING Bank Romania.

The trend of more careful management of personal finances is also confirmed by the data for the first nine months of this year which show a higher savings rate, and this more cautious attitude towards spending will be continued during the holidays, he explained.

As for the online sales, their acceleration came in response to the mobility restrictions imposed this year. Romania remains among the very few countries in Europe where online sales have continued to grow every month after the lifting of mobility restrictions, the ING economist pointed out.

andrei@romania-insider.com

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