Romanians are among the most pessimistic European consumers when it comes to general economic and personal income expectations, as well as willingness to buy, shows the ‘GfK Consumer Climate Europe’ survey for the fourth quarter of 2011. “New rescue packages, uncertainty about further developments in Greece, Italy and France and the prospects of poorer economic development in 2012 are all heightening the anxiety of European consumers,” reads the survey.

Economic expectations fell in most countries in the European Union in the fourth quarter of 2011. Moreover, economic growth forecasts were revised downwards in almost all EU countries, according to the survey. The best indicator values are currently in Germany - minus 0.9 points and Spain - minus 3.6 points. Romania, with minus 34 points is close to Poland’s level of minus 38 points. The Czech Republic has the lowest value, of minus 63 points.

The income expectations have also been dropping because of unemployment and rising taxes. Germany has completely set itself apart from developments in other European countries when it comes to income expectations, recording a value of 34 points. Romania is somewhere in the middle of the ranking, with minus 27 points, close to countries such as Bulgaria - minus 28, and Czech Republic - minus 30 points.

On willingness to buy, Austria precedes Germany, with indicator values of 35.6 points and 27.4 points respectively, shows the survey. In Romania - minus 28 points- the population appears to be more cautious.

The GfK Consumer Climate Europe survey provides an overview of the development of economic and income expectations and willingness to buy among consumers in Austria, Bulgaria, the Czech Republic, France, Germany, Greece, Italy, Poland, Portugal, Romania, Spain and the UK. These 12 countries account for around 80 percent of the total population of the 27 EU member states.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: Sxc.hu)