Bulgarians affected by the financial crunch
Bulgarians affected by the financial crunch have doubled over the past year and therefore expect a noticeable change in their consumption habits. This shows the second consecutive survey of marketing research agency Pragmatica among the 800 people in the country.
Approximately 60% of participants in the survey conducted in early 2010, say they feel tangible impact of the crisis on their lifestyles. For comparison – in the beginning of last year, only about 32 percent of Bulgarians say they are feeling the impact of the crisis, explain the agency in its official release.
Respectively the expecttions out of this crisis remain pessimistic. One in five believes that the outcome will be the end of 2010 and in 2011, however the same percent of people doesn’t have a clear vision when it will happen.
As a result of the crisis consumer habits of the Bulgarians are changing. They dropped their expences for certain types of goods and have become more cautious with respect to other goods and have limited the full consumption of third products.
“Consumers are seeking more aggressively for otions to optimise their budget and need more serious reasons why to choose a specific product category and brand,” commented Julian Dobrev, research director in the “Pragmatica” in the official release of the agency.
The study shows that the majority of people have a decrease in their disposable income, as every third family has reduced heating costs, electricity, food and water. Accordingly, the agency forecast that further decrease of consumption can be expected this year.
In everyday goods, there will be little change in the pattern of use of some of them at the other – switching to cheaper solutions, but with a third – a sharp contraction, including cessation of use, writing from “pragmatist.”
There will be no significant changes in consumption of the commodity (bread, eggs, yoghurt, mineral water, sanitary materials). There will be shifting to cheaper alternatives to products such as detergents and in various types of confectionery and alcoholic drinks will have a noticeable contraction in consumption, estimated by the agency.
There is also a substantial change in purchases of home appliances, recreation and holidays. Deferred purchases forom 2009 may not carry in 2010 and except such purchases of air conditioners, computers, televisions, refrigerators, washing machines and cookers.
At the beginning of 2009 nearly 51% of people planned to spend their summer holiday in the country but nearly only 35.5% were able to do this. Missed plans have have impact on planning holidays for 2010 too – only 24% of Bulgarians intend to spend their holiday on the Black Sea. Over the next ten or twelve months the agency expect a decline in the purchases of new or used cars and cutting the expences of the Bulgarisns for going out.
