Romanians’ confidence level boosts in 2012 fueled by election promises

The index of public confidence in Romania measured by the Consumer Confidence Barometer and conducted by GfK for the European Commission registered an average of -34 in 2012, the highest level since the beginning of the crisis.

“2012 was election year – in June we had local elections and in December parliamentary elections. As usual during such times, Romanians are swayed by candidates’ promises and this is why we constantly see the population’s confidence level going up. In addition to this, December also improved perception as the holidays’ ‘magic’ boosts the people’s spirit,” explained Andi Dumitrescu, general director GfK Romania.

Despite the overall improvement, the report shows that in December 2012 more than half of Romanians thought their families’ financial situation was worse than it was the previous year while only one of ten Romanians thought they were better off.

As for future financial expectations, only 28 percent of Romanians expected things to get worse compared to more than half in December 2010. The share of those who believed their financial situation will improve was 21 percent in December 2012, up 6 percent compared to December 2010 and 2011.

68 percent of those surveyed by GfK said the general economic situation had worsened compared to 2011 while only 7 percent said the situation had improved and 21 percent thought 2013 will be a better year.

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The report also shows that 69 percent of Romanians expect prices to go up – the same share as in 2011 – while 83 percent said 2012 had brought higher prices – up from 72 percent in December 2011.

The number of those who considered in December 2012 that it wasn’t a good time to invest in durable goods had decreased compared to the previous year, compared to GfK.

55 percent of those surveyed said they don’t intend to buy durable goods for their household over the next year.

When asked about the unemployment rate, 63.5 percent said they expect it to go up (down from 71 percent in 2011 and 85 percent in 2010) while 9 percent were optimistic about the indicator’s evolution.

The survey also reveals that 78.5 percent of Romanians think it is not a good time to save money while half of them say their income barely cover expenses.

For this index, GfK surveyed 1,000 Romanians above the age of 15.

Simona Bazavan