POST Online Media Lite Edition



 

Retirees in Macedonia obsessed with shoes, in Ireland they love drink

Staff writer |
A glimpse at the figures from Eurostat, the statistics office of the European Commission, offers a fascinating and sometimes bizarre picture of national spending patterns.

Article continues below






Retirees in Macedonia seem obsessed with shoes, they spend double the European average on footwear. Retirees in Spain are clearly the continent's chicest, outlaying the largest percentage on clothing, while retired Irish, ever willing to confirm a stereotype, devote a quarter of their nutrition expenditure to alcohol.

A glimpse at the figures from Eurostat, the statistics office of the European Commission, offers a fascinating and sometimes bizarre picture of national spending patterns, as well as of the interests of statisticians.

According to the figures, no European of the 60+ generation travels by rickshaw, though why this is even included in a European survey is puzzling.

Norway is an interesting case. Retirees there spend double the average European outlay on cars. This is most likely a reflection of the nation's tough tax code, which targets cars and other luxury goods, rather than an indication that Norwegian retirees are status- conscious petrol-heads.

According to the figures, elderly Finns spend the most on books and newspapers; the French on personal care, including hairdressers and beauty products; and the Portuguese a staggering 9% of total expenditure on restaurants and hotels.

While some countries also provide categories for prostitution and narcotics, it appears no retirees are paying for these, or at least none are willing to admit it.

Within the European Union, 19 countries peg old-age pensions in some form to the development of consumer prices. Of these, Lithuania, France, Spain and Austria rely solely on price indexation to adjust future pension payments.

According to Eurostat, the consumption expenditure of people 60+ deviates to some extent from those of the average household. The most pronounced differences can be found in health and housing expenditures.

On average, elderly households in the EU spend approximately 2 percentage points (pp) more of their total expenditures on healthcare and 5.5 pp more on housing.

As inflation of housing prices rose 40% faster and medical costs twice as fast as the overall CPI in EU countries from 1996 to 2011, the actual loss of purchasing power for the older population might be higher than the official CPI suggests.

Data from the United States provide some support for the claim that retirees face a bigger loss in real purchasing power than the average household. There, the experimental CPI for the elderly (CPI-E), introduced in 1982, tries to capture the consumption expenditure of the population aged 62 and over.

As part of the approach, it places a higher weighting on healthcare and housing.


What to read next

Bye, bye 2008
Nearly 30 percent of Millennials have named a car
Shiny textbooks: great design, poor teacher

Domino's Pizza shuts its last location in homeland of pizza

 
Domino’s Pizza has shuttered the last of its locations in Italy, officially ending a seven-year failed attempt to bring American fast-food pizza to the Mediterranean country from which the dish derives.
 
 

Latest

Thousands evacuated from France’s Gironde as forest fires rage
UK launches vaccine booster campaign as polio spreads
Transneft halts oil to Czech Republic, Slovakia and Hungary
Irish Water calls on public to save water, heat coming

NEWS

Operation to rescue trapped miners in Mexico to begin this week

Mexican military deployed to help battle fire at oil facility in Cuba
U.S. obtains warrant for seizure of plane of sanctioned Russian oligarch Andrei Skoch
U.S.: Dangerous heat in northeast and northwest
UK Met Office issued Amber Extreme heat warning, health agency Level 3 Heat Health Alert
Germany’s largest crematorium works around the clock to save on gas consumption
 

BUSINESS

EBRD, EU and ProCredit Bank support small businesses in Albania

Google's Equiano subsea cable lands in South Africa
Ireland's EirGrid issued second amber alert for electricity generation system
Botswana to produce battery metals
Over 700,000 Ukrainian workers in Poland
U.S. housing inventory rises at record-breaking speed
 

Trending Now

Coca-Cola HBC to acquire Three Cents for €45mn

Thousands evacuated from France’s Gironde as forest fires rage

UK launches vaccine booster campaign as polio spreads

Transneft halts oil to Czech Republic, Slovakia and Hungary


POLITICS

Nigeria: Buhari approves $1.3 billion Exxonmobil's oil assets acquisition by Seplat

China and Australia not ready to solve disputes
Commission approves Italian scheme under RRF to support biomethane production
Commission approves €149 million Romanian scheme under RRF to support renewable hydrogen production
Prisoners in UK to be upskilled in cutting-edge farming techniques
Agriculture Ministry: Firewood production remains sustainable in Hungary
 

Today We Recommend

Botswana to produce battery metals


Highlights 

Micron to invest $40 billion by 2030 to build U.S. memory plants

Whirlpool acquires InSinkErator for $3 billion

Devon Energy to buy Validus for $1.8 billion


COMPANIES

Commission and Moderna adapt delivery schedules for late summer and winter

RICK Engineering acquires Cypress Civil Development
900 MW offshore platform DolWin kappa on its way to Port of Rotterdam
Coca-Cola HBC to acquire Three Cents for €45mn
Hungary's MOL prepared to pay for transit of Russian oil through Ukraine
Micron to invest $40 billion by 2030 to build U.S. memory plants
 

CAREERS

Daseke appoints Bruce Blaise to board

Island Pacific appoints Herman Chiu as CFO
Horizon Bancorp appoints Thomas M. Prame as president
Encora appoints Deepak Bhandari as EVP, head of corporate development
Firmenich: Maurizio Clementi interim president of taste and beyond division
Joyce Farms appoints two new leaders
 

ECONOMY

High level of inflation in Estonia will remain

Hungary's inflation hits 13.7 pct in July
Finland's draft budget: Deficit of around EUR 6.3 billion
German economy to lose $265 billion in added value
Czech Republic reports $500mln trade deficit in June
Philippine GDP grows 7.4 percent on year in Q2
 

EARNINGS

Honda Q1 net income declines

Ralph Lauren Q1 2023 EPS $1.73
Capri Holdings Q1 profit
Lenovo Q1 net income grew 11%
Legal & General H1 profit £1,160m
Munich Re Q2 profit €768m
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

Uruguay will develop new citrus varieties for export

Russia's Orenburg region controlled more than 65 thousand tons of grain intended for export
Russia to ban imports of crop products from 31 districts of Moldova as of August 15
Two Russia's regions exported more than 820,00 tons of fish products since beginning of 2022
Namibia lifts restrictive measures after controlling H5N1 avian influenza
Tanzania signs 21 irrigation scheme contracts for over 26,000 ha of land
 

LEADERSHIP

If company overcomes post-IPO innovation slump, it will survive longer

62% of consumers will stop buying from brands that compromise products to cut costs
Companies must invest to avoid supply chain scandal or pay the price in lost consumers
How awards, recognition decrease inventors' creativity
Keeping employees is harder than ever. And we don't have good news
How much is 'great resignation' costing companies?
 

CRIME

PwC fined $2 million over BT audit after fraud discovered in Italy

Guardia di Financa finds unregistered foreign company operating in e-commerce
Iowa AG sues tobacco companies over $133 million in withheld payments
AG Bonta announces $15.5 million judgment against Rent-A-Center
Illinois AG Raoul announces agreement with former opioid maker Allergan
AG Shapiro secures preliminary agreement with Teva for $4.25 billion
 

Magazine

TRAVEL

The SureStay Hotel by Best Western Rockford East opens in Rockford, Illinois

Avani Chaweng Samui Hotel & Beach Club opens in Thailand
Buffalo Bill is coming to Manitowoc with his Wild West show
Pullman Doha West Bay Hotel opens in Qatar
DoubleTree by Hilton hotel opens in Malaysia
Great Dorset Chilli Festival, the hottest festival in UK
 

SEA, LAND, AIR

Porsche unveils newest generation of 911 GT3 R

2023 Subaru Crosstrek sells like hotcakes
New Mercedes‑Benz GLC, at home on any terrain
GMC unleashes new 2023 Sierra 1500 AT4X AEV Edition
First BMW M3 Touring presented
Southern Wind Power of 2, just for you and ocean ahead
 

DESIGN

Nobody's Child, everybody's favorite

Freddy WR.UP, pants that hug you in all the right places
Stylishly luxurious house design
Great design ideas that might not work for you
Garden mirrors, explore new views of your garden
Unusual and highly functional lamps
 

GADGETS

Shure MV7 professional dynamic microphone now available in new limited-edition color

Forget streaming services, use McIntosh MR89 to enjoy AM/FM music
Infinix NOTE 12 PRO, first smartphone powered by MediaTek Helio G99
MW75 active noise-cancelling headphones, variety of new features
Parasound JC 1+ mono power amplifier by John Curl, pure delight
Cambridge Audio SX80, stylish loudspeakers for any room
 

HEALTH

New zoonotic virus Langya infects 35 people in China

Germany records first case of monkeypox in child
Denmark to offer monkeypox vaccine to gay men
Guatemala confirms first case of monkeypox
First monkeypox case identified in Moldova
At least 12 deaths reported in cholera outbreak in Afghanistan's Jawzjan
 

MEANTIME

First detection of gas in circumplanetary disk

Drought increases toxic microbe-laden dust landing in Sierras
Ancient source of oxygen for life hidden deep in Earth's crust
Length of Earth's days has been increasing, scientists don't know why
South Korea launches first lunar orbiter
Bantu speakers crossed through Central African Rainforest 4,000 years ago, changed everything