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GfK: the money which could have been saved from the VAT drop went back on the market
The Romanians bought food with the largest part of the money coming from the VAT reduction for food, the rest of the sums being directed to non-food products, other expenditure or savings, according to the research company of the market GfK.
‘From the whole sum which the Romanians could have saved following the smaller prices, 76% was reintroduced in the purchasing cycle. More exactly: more than half of the sum was directed to food and non-alcoholic drinks, 17% to the non-food – personal care and house care; the rest of the sum was kept in the pocket, either for other expenditure or for saving’ the company shows, in a press release.
The purchasing behaviour modified against the moment of the first impact of the drop in prices. Thus, in June-July although approximately 70% of the total sum came to FMCG the share between food and non-food was approximately equal.
‘The GfKstudy shows that products of personal care are in attention, the trend to buy products from a superior price segment. In the meanwhile, this phenomenon was diminished, the money coming back to the food products’ the company says.
The VAT quota for food was reduced on 1 June from 24%to 9%.