Year-end spending survey 2013
Customers more optimistic, with higher budget
While European consumers remain pessimistic, because of the continuous uncertain economic outlook, Luxembourgers are approaching the current economic climate with a more positive attitude, and plan to have a higher spending budget for the year end.
The Euro zone region is still facing the crisis, with a new unemployment rise and perspectives of ‘gradual’ improvement in the economic outlook that will have to wait until 2014.
These continuing economic difficulty and uncertainty may have an impact on how consumers actually behave versus what they said in September.
According to the survey, Luxembourgers are approaching the current economic climate with a more positive attitude (41% having a negative outlook in 2013 compared to 53% in 2012).
This is reflected by their planned expenditures: With a predicted household budget of €825, which represents an increase of 2% (€16) compared to the budget spent in 2012, the Grand Duchy rose one rank since last year and came in second, preceded by Ireland (ranked first with a budget of €894).
Only 39% of the Luxembourg consumers remain pessimistic towards the economic future in 2013 in comparison to 57% in 2012. Further observations illustrate that younger generations are less sceptical and have a more positive perception of the current state of the economy.
According to the survey, 41% of Europeans, whereas only 31% of Luxembourgers, say their spending power decreased. Again, Luxembourg youngsters are less pessimistic about their economic situation than the older generations.
Year-end spending survey 2012
According to the 2012 end-of-year survey, Luxembourgers decrease the budget they foresee to spend this year by 11.7% as compared to the previous year.
With a foreseen budget of €815 per household, the Grand Duchy thus again dropped one place from last year and came in third compared to the other surveyed countries. Since 2010, this represents a reduction of one third of the budget in Luxembourg, down from €1,200.