20% less luxury consumers in EASTERN EUROPE
According to our in depth market research, in 2009, Romania has over 9.000 luxury consumers, compared to 11.000 in 2008. Our luxury consumer profile criteria is a minimum yearly income of EUR 500.000 and an yearly budget of minimum EUR 50.000 on luxury goods and services, on a returning basis. The drop is given by the real estate crush, only those with diversified business areas surviving.
Bulgarias number of luxury consumers has dropped to 5.000 in 2009, compared to 8.000 in 2008. Wealthy Bulgarians from real estate, insurance and banking are the mainly affected segment. There are many who benefited from the crisis, taking advantage of the lax proceedures to access EU funding. This is also the reason corruption has increased in 2009, the country commanding the reputation as the poorest and most corrupt economy in the entire European Union.
Serbia (including Montenegro) has 7.000 luxury consumers in 2009, from 6.000 in 2008. In comparison with the EU member countries in the region, Serbias economy has continued to grow, registering solid foreign investments, Gazproms acquisition of state owned energy company topping the list of transactions. Wealthy Serbians continue to make money in the grey and black zones of the economy, EU funded projects, manufacturing of weapons and commerce being the top three industries.