Bulgarian Consumer Confidence Up in Q2 2010

Despite the general increase of consumer confidence of Bulgarians in April 2010 compared to January, the expectations are for continuing layoffs in the next 12 months, but at lower rates. File Photo

Bulgarian consumer confidence registered an increase of 4.5 points in July 2010, both in urban and rural areas, according to data published by the National Statistical Institute (NSI) on Friday.

There was a general increase in optimism in consumers' assessments and expectations compared with the opinions expressed three months ago.

Consumers' overall views on the current development of the country's general economic situation in the last 12 months and their expectations for the upcoming year are less negative compared to April and are up by 3.5 and 2 points respectively.

Urban and rural consumers also gave a more positive assessment of their household financial for the next year. Regarding unemployment, the expectations are for continuing layoffs in the next 12 months, but at lower rates.

Rural consumers, however, say the financial state of their households is worse than 3 months ago – down 4.8 points while urban consumers retain the same level of their confidence as in April 2010.

Consumers continue to believe there has been a general increase in retail prices in the last 12 months, but at a slower pace, and predict a slight increase of the inflation over the coming year.

As for making a major purchase, such as buying a car or making home improvements, the data showed a slightly more optimistic return than in April 2010, but the outcome is more negative regarding the purchase of a new home.

The general assessment of the opportunity to make savings continues to be unfavorable, with slightly more optimism among urban respondents, who further expect an improvement in the next 12 months.

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