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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

Over six in ten Romanians cut their Christmas budgets

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.

[email protected]

(Photo source: Svitlana Buzeychuk/Dreamstime.com)

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

Over six in ten Romanians cut their Christmas budgets

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.

[email protected]

(Photo source: Svitlana Buzeychuk/Dreamstime.com)

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