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Romanians spend five wages a year for staple goods

The average Romanian spends for staple goods around 1,877 euro a year, the equivalent of five medium wages, reveals a Business Standard survey.

Bananas, mineral water, sugar and sunflower oil account for the hypermarkets' top massive sales in both quantity and value. Romanians buy on credit refrigerators, laundry machines, TV sets and furniture, which account for 12 pct of revenues in hypermarket networks. In Romania, foodstuff represents 37.5 pct of the daily basket that serves as reference for the calculation of inflation, three times more than the EU average; food accounts for such a high share because of the low wages. Consumption is expected to rise 74.1 pct in 2008 from 2001. The local market of staple goods was assessed at 41 billion euro in 2008. The average annual earnings advanced in 2007 by 25 pct nationwide and 30 pct in Bucharest. In April, for the third month in a row, Romania was EU leader by the annual growth in retail trade, that advanced 18 pct at a time when the retail sector witnessed a decrease of 0.8 pct and 2.9 pct respectively both in the EU and the eurozone, shows Eurostat data. International retailers that dominate the local market are Metro, Rewe and Carrefour. The development of this sector is tightly linked to the real estate sector. The main difficulties faced by retailers are the high price of land and the lacking infrastructure. Andreea Mihai, Carrefour Romania marketing director, told Business Standard that 'the Romanian's Latin extraction is obvious in his consumption habits. He likes to keep updated, especially on new technologies, saves little, eats and dresses well, likes going out with friends and family, keeps tradition (...)' Sursa: http://www.rompress.ro

Tags: goods staple wages euro