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Xmas 2009

The rebound?The rebound?

Koen De Staercke

Consumer Business Industry Leader

Agenda

• Introduction

• Economic Context

• Consumer Behavior

• Year-End Spending Intentions

• Gift shopping

© 2009 DeloitteXmas 2009: the rebound?

• Gift shopping

• Methodology

• Deloitte contacts

2

Introduction

© 2009 DeloitteXmas 2009: the rebound?3

Introduction

• The Deloitte year-end holiday survey has been regularly performed in Belgium since 1998, as well as in other countries in Europe.

• For consumers and retailers, the end of the year holiday season is particularly important:

‒ a peak in consumption which is a determining factor for the results of retailers and their suppliers

‒

© 2009 Deloitte

‒

‒ a period to which consumers look forward in order to realize their dreams and to embrace what is new.

• Year end holiday spending is a powerful indicator of current consumer behavior, and of changes in retail

4Xmas 2009: the rebound?

Economic context The Mindset of the Consumer


Economic Context

What do you think of the current state of the economy?

2%

5%

87%

6%

2008

5%

17%

55%

23%

2009


Belgium

� 55% of the Belgians believe our economy is still in recession. Pessimism is slowly fading as last year this figure was

87%. The 2008 survey was taken in the middle of the financial crisis.

� People aged 45 and more are most pessimistic. 61% of them still see a recession.

Europe

� Pessimistic views across Europe prevail, but are less strong as in 2008.

6

The economy is in growth

The economy is stable

The economy is in recession

I don’t know

General conclusions

The economy is in growthThe economy is stableThe economy is in recessionI don't know

Economic Context

Compared to 2009, do you think the economy in 2010 will…

Belgium:

• Belgian consumers are slightly optimistic about 2010: 35% think that the

economy will improve in 2010

Europe:

• In general Europeans expect an improvement in the state of the economy in

2010. It seems they believe the worst of the economic and financial crisis is

behind us and recovery has started.

35%

26%

30%

9%

Belgium

Improve significantly/slightly

Stay the same

Deteriorate signifantly/ slightly

I don't know

General conclusions


-42%

-21% -21%

0%

14%

-33%-37%

-16%-23%

8%0%

39%

-57% -59%-52%

-57%-61%

-76%

-63%-55%

-32% -30%

-11% -12%

-22%

7%3%0%

5%

-11%

-1%-7%

21%

-21%-16%

25%16%

1%

-11%

16%

-10%

-22%

9%

48%

2007 2008 2009

Index based on the sum of positive and negative replies

7

Economic Context

Compared to 2009, do you think the economy in 2010 will…

35%

52%

39%

33%

25%28%

26% 25%28%

25%25%

23%

30%

13%

21%

32%

41% 42%

9% 10%12%

9% 9%6%

Belgium

35%

43%

27%26% 26% 25%

30%26%

34%

9%

4%

14%

Average Men Women

Belgium

© 2009 Deloitte

Average 18-24 25-34 35-44 45-54 55-64

Improve significantly/slightly Stay the same Deteriorate signifantly/ slightly I don't know

Improve significantly/slightly Stay the same

Deteriorate signifantly/ slightly I don't know

Xmas 2009: the rebound?

• Significant differences exist between the different age categories. Young adults clearly see things in a much brighter way. In fact, for categories aged 45 and more, pessimists still are the largest group.

• Also men are more optimistic than women.

• 35% of the Belgian consumers think that the economy will improve in 2010. Dutch speaking consumers are more optimistic than French speaking consumers: 39% of the Dutch speaking respondents expect an improvement in 2010 against 24% French speaking respondents.

8

In-depth analysis for Belgium

Economic Context

How secure do you consider your employment to be in 2010?

63%

50%47%

32%

52%

20%

53%

24%19%

46%

4%

52%

15%

39%

49%

28%

42%

19%

39%

17% 19%

37%42% 42%

9%

30%

69%

12%

42%46% 47%

32%

47%

23%

40%

30% 29%26%

35% 35%

29%

5%

14%

45%

2007 2008 2009

Index based on the sum of positive and negative replies


Belgium

� A small majority of the Belgian consumers consider their employment to be secure in 2010. This is virtually stable compared to last year. 16% of the Belgian consumers indicate they fear they will loose their job.

� Higher income classes and higher educated consumers are more confident about their employment than lower income classes and less educated consumers.

Europe

� In general, consumers in Western Europe consider their employment to be slightly more secure compared to last year. This is in contrast with Eastern Europe.

General conclusions

Economic Context How would you describe the financial situation of the company you are working in?

31%

9%

28%

Belgium

2%

22% 21%

34%

20%

27%

-1%

-12%

16%

-3%

14%12%

1% 0%

-6%

4%

20%

10%

Index based on the sum of positive and negative replies (‘good’ – ‘bad’)


32%

Good Intermediate Bad I don't know

10

Belgium

� A vast majority of the Belgian consumers (63%) is of the opinion that the financial situation of their employer is good or reasonably good. Only a minority has a negative view on the financials of their employer.

� 1 out of 4 Belgian consumers have no clue. This is consistent with the rest of Europe where a significant number of employees/consumers seem to be ignorant about the financial situation of their employer.

Europe

� Large differences exist between European countries. Consumers in the BeNeLux, Switzerland and Germany are positive on the financial situation of their employers.

General conclusions

Economic Context How would you describe your spending power today versus the same time last year?

9%

76%

15%

2008

10%

43%

47%

2009

16%

25%

54%

5%

2010F


Belgium

� 47% of the Belgian consumers indicate they currently have the same amount to spend compared to last year.

� The people that see their spending power fade away (43%) still largely offset the ones that have an improved purchase power (10%). This is significantly better than last year when a vast majority of consumers (76%) indicated a loss of purchase power.

� Despite the Belgian system of salary indexation, and despite the favorable evolution of energy and food prices for consumers many people still perceive a loss of spending power.

� Looking into 2010, most Belgians expect their spending power to remain at the same level as in 2009.

General conclusions

You have more to spend

You have less to spend

You have the same amount to spend

You have more to spend

You have less to spend

You have the same amount to spend

You have more to spendYou have less to spendYou have the same amount to spendI don't know

Economic Context

Conclusion

Light at the end of the tunnel?

• Less people believe we are in recession

• The number of consumers who believe the economy will grow in 2010, is higher than those who see a further decline

• Slightly more consumers believe their job will be

© 2009 Deloitte

• Slightly more consumers believe their job will be safer in 2010 than it was in 2009… but still a lot of uncertainty exists

• Perception on spending power is improving. Less people see a further decrease of their spending power. A majority believes their spending power will be stable in 2010

Xmas 2009: the rebound?12

Consumer Behavior


Consumer BehaviorWhat would best characterize your purchasing behavior?

65%

45%

42%

34%

31%

I will focus on useful gifts

I will do less impulsive spending

I will buy products and gifts that are on sale

I will mostly buy discount or retailers' products, but few name brand products

Compared to last year, I do not expect to spend less this year for Christmas shopping

Belgium


Belgium

� Belgian consumer behavior is not different than other European consumers. To optimize our budget the consumer will focus on useful gifts, look for price promotions and avoid impulsive buying.

� These behavior patterns were already demonstrated last year and the question is what will happen once the crisis is behind us.

General conclusions

Consumer BehaviorWhen the crisis is over, what would best describe your purchasing behavior?

17%

76%

7%

Belgium


When the crisis is over, I will keep on spending less

When the crisis is over, I will spend the same as I do now

When the crisis is over, I will spend more

15

Belgium

� After several years of a perceived erosion in purchasing power followed by the global financial and economic crisis, consumers have learnt to adopt a new set of behaviours. Once the crisis is over, most of us believe we will not change our current consumer behavior.

� This means the type of consumers that emerged over the last 2 years is here to stay. It will be a new breed of consumer, making new types of trade-offs. This new consumer prefers usefulness, making carefully considered purchase decisions and avoiding impulse buys, rationally comparing prices, assessing the quality of innovations based on their real substance…

General conclusions

Consumer BehaviorWhat are the main reasons behind your decision to shop at a particular store when doing your year-end food shopping?

92%

87%

85%

74%

Best Price Quality Ratio

Promotion/Discounts

Product range

Lowest Price guarantee

Belgium


74%

68%

Lowest Price guarantee

The store provides ease of parking

16

Belgium

� Consumers look in the first place to retailers where they believe the price/quality ratio is excellent. Paying the lowest possible price is only ranked 4 which means, despite the crisis, people do not ignore the quality aspect.

� Nevertheless, compared to last year the importance of the price/quality ratio has relatively decreased compared to promotions/discounts which indicates price sensitivity has increased.

� Price promotions and the product assortment also play an important role.

General conclusions

Consumer BehaviorIn what manner do you think you will use the Internet to do your year-end shopping?

37%

14%16%

26%

7%

2008 Belgium

I will not use internet at all

43%

9%

16%

26%

6%

2009 Belgium


30%

9%

18%

27%

16%

2009 Europe


Research and compare shops


Belgium and Europe

� 57% of the Belgian consumers will use the internet for their year-end shopping (last year: 63%). Belgians mainly use the internet for research. Only 6% purchases part of their year-end shopping through the internet.

� Relevant differences exist in the use of internet between those who earn less than 25.000 € per year and those who earn more. Internet is clearly used more by the latter category. Also relevant differences exist between age categories with people between the age of 25-34 making the most use of the internet.

� Compared to other European countries we continue to lag behind on this fast growing market. In no other country in our survey the usage of internet in the context of year-end shopping is lower than in Belgium despite efforts being made by traditional and on line retailers to increase the number of webshops.

General conclusions

Research and compare shopsResearch and compare products

Research and compare pricesBuy products and services


Research and compare products

Research and compare prices

Buy products and services


Research and compare products

Research and compare prices

Buy products and services

Consumer BehaviorWhy don’t you buy on the internet for year-end shopping?

1%

2%

9%

19%

23%

23%

27%

37%

69%

No online access

Difficult to find products / use internet

I need the advice of a salesman

Prefer not to wait for delivery

Concern over fraud / online security

Concern over returns / unwanted products

Not interested / no specific reason

Prefer the shopping experience

Prefer to see / handle products

2009

2%

3%

7%

8%

18%

20%

22%

24%

67%

Difficult to find products / use internet

No online access

Prefer not to wait for delivery

I need the advice of a salesman

Concern over returns / unwanted products

Not interested / no specific reason

Prefer the shopping experience

Concern over fraud / online security

Prefer to see / handle products

2008


Belgium

� The main reasons why consumers don’t use the internet is because they prefer to see/handle the products before actually buying them or that they do not want to miss out on the shopping experience itself.

� The concern over fraud/online security seems to be stable. About 23% of those who refuse to use internet shopping continue to blame this on security concerns.

� Belgians don’t have different reasons than other Europeans for not using the internet for year-end shopping

General conclusions

0%

0%

Don't have a computer

Never use a computer

0%

1%

Never use a computer

Don't have a computer

Consumer BehaviorWhy do you buy on the internet during year-end shopping?

59%

57%

55%

31%

25%

25%

Have the easiness of deliverance at home

Avoid crowded stores

More products (more choice)

I do not have much time to shop

I'm now confident that deliverance at home will work

I’m now confident on online security

Europe

56%

55%

38%

35%

29%

25%

Avoid crowded stores

Have the easiness of deliverance at home

I do not have much time to shop

More products (more choice)


I'm now confident that deliverance at home

Belgium


25%

5%


Avoid places where I can be infected by the swine flu

25%

2%

I'm now confident that deliverance at home will work

Avoid places where I can be infected by the swine flu

19

Belgium and Europe

� The key reasons for Belgians and other Europeans to buy on the internet are not significantly different: avoiding crowded stores and having the easiness of home delivery play an important role.

� The appreciation of the on line offerings is significantly different between the average European consumer and the Belgian consumer: 55% of the European consumers indicate this is an important factor in their decision to shop online whereas this is only true for 35% of the Belgian consumer. Improving the supply side of E-commerce on the Belgian market together with the initiatives of the government to increase the usage of internet and to promote E-commerce could help in closing the gap with our fellow Europeans.

General conclusions

Consumer BehaviorWhat type of sites do you use?

48%

44%

42%

34%

26%

Price comparisons sites

Internet trading sites (Ebay, Amazon)

Department store websites

Supermarket websites

Internet discount sites

Europe

59%

48%

32%

25%

20%

Department store websites

Supermarket websites

Price comparisons sites

Manufacturers' websites (Dell, Apple)


Belgium


26%

25%


Manufacturers' websites (Dell, Apple)

20%

16%



20

Large differences are noted between the average European consumer and the average Belgian consumer in the

different sites they use for internet purchases

� Belgians use department store websites and supermarket websites

� Europeans prefer price comparison sites (very few in Belgium), Internet trading sites and department store websites

General conclusions

Consumer Behavior

Sustainable development and consumer behavior

68%

63%

55%

41%

I do not buy products involving child labor

I avoid buying products with a carbon impact on the planet

Sustainable development is an excuse to raise prices

I am only concerned about paying the lowest possible price regardless of the product's origin

Belgium


41%I will mostly buy products made in my country

21

Belgium and Europe

� 2 out of 3 consumers are concerned about the environment and avoid buying products which are eco unfriendly.

� 1 out of 2 consumers believe the topic of sustainable development is an excuse for retailers to increase their prices.

� In 2008, 44% of Belgian consumers indicated they are more concerned about paying a low price than about the origin of a product. This hasn’t changed in the current year (41%).

� Approximately 70% of French and Italian consumers indicate they mainly buy products made in their own country. In Belgium this is 41% with a significant difference between French speaking consumers (59%) and Dutch speaking consumers (35%).

General conclusions

Consumer BehaviorDo you intend to offer second-hand products as year-end gifts ?

3% 5%5%

87%

Belgium

7%1% 1%

92%

Belgium

Do you intend to sell back some of the gifts you get during the year-end festivities ?


Yes, through internet Yes, through shops

Yes, through shops and internet No

22

Belgium

� 1 out of 10 consumers intends to offer a second hand product as a gift. Those are purchased through the internet or at stores specialized in second hand products.

� 1 out of 10 consumers intend to resell gifts they get. This is mainly done via the internet.

Europe

� In Eastern European countries, France and Italy about 3 out of 10 consumers will buy second-hand products to offer as gift.

92%

Yes, through internet Yes, through shops

Yes, through shops and internet No

General conclusions

Consumer Behavior

Conclusions

• A new breed of consumers is here to stay: rational spenders

• Consumers have adopted new behavior patterns as a result of the crisis. Once the crisis is over, most of them will not change their current consumer behavior.

• The new consumer prefers usefulness and durability and makes purchase decisions carefully and avoids impulse buying.

• Retailers that are able to respond to this behavior and communicate accordingly to consumers will be the winners.

© 2009 Deloitte

• E-commerce in year-end buying

• Compared to other European countries we continue to lag behind on this fast growing market. In no other country in our survey the usage of internet in the context of year-end shopping is lower than in Belgium.

• Improving the supply side of E-commerce on the Belgian market together with the initiatives of the government to increase the usage of internet and to promote E-commerce could help in closing the gap with our fellow Europeans.

Xmas 2009: the rebound?23

Year-End Spending


Year-End Spending

Intentions

24

Consumer Spending

Year-end holiday spending intentions (€)

2009 Ireland Belgium Netherlands Luxembourg Germany Switzerland France Spain Portugal ItalyWestern

Europe

Total gifts -29.1% -2.1% -3.1% -4.0% -3.6% -0.5% -3.9% -12.4% -3.6% -2.7% -7.3%

Total food -6.1% -1.4% -1.7% -1.7% -0.7% 1.6% -2.2% -2.9% -2.3% -1.2% -3.5%

Total socialising -21.9% -3.4% -3.8% -3.2% -3.7% 0.0% -4.5% -9.1% -8.4% -4.6% -7.6%

Total -22.4% -2.0% -2.7% -3.3% -2.9% 0.1% -3.5% -9.1% -3.7% -2.5% -6.3%

Total gifts €660 €320 €225 €690 €300 €420 €420 €415 €390 €435 €420

Total food €265 €200 €130 €315 €125 €175 €165 €215 €170 €170 €190

Total socialising €185 €60 €45 €145 €60 €90 €65 €105 €60 €60 €90

Total spending €1,110 €580 €400 €1,150 €485 €685 €650 €735 €620 €665 €700

2009 PolandCzech

RepublicSlowakia Romania Ukraine Russia

Eastern

Europe

European

AverageSouth Africa USA

Total gifts 2.3% -2.3% 0.9% 0.8% 2.3% 1.0% 0.8% -4.4% -1.3% -15.0%

Total food 2.3% -0.8% 2.4% 1.5% 10.0% 2.8% 3.0% -1.2% 5.0% N/A

Total socialising -0.9% -8.4% -1.4% -4.5% -6.1% -4.8% -4.4% -6.5% -2.5% N/A


Total socialising -0.9% -8.4% -1.4% -4.5% -6.1% -4.8% -4.4% -6.5% -2.5% N/A

Total 1.6% -2.5% 1.0% 0.2% 3.7% 0.5% 0.7% -3.8% 0.5% N/A

Total gifts €175 €345 €275 €310 €100 €190 €235 €355 160 305

Total food €120 €130 €145 €170 €70 €55 €115 €165 105 N/A

Total socialising €80 €50 €60 €90 €35 €80 €65 €80 65 N/A

Total spending €375 €525 €480 €570 €205 €325 €415 €600 330 N/A

25

Belgium

� Belgian consumers estimate to spend €580, slightly less than last year. This is the 4th decrease in a row

2006: 641 � 2007: 624 � 2008: 598 � 2009: 580

The slight decrease in Belgium is the “best” result of Western Europe after Switzerland which predicts a slight increase.

� 3 out of 4 consumers indicated that they would spend the same amount as last year. Of the remaining consumers a slight majority indicated they would cut back on spending, explaining the small decrease.

General conclusions

Gift Shopping


Gift Shopping

What types of presents would you most like to receive?

Belgium Top 10 2009

Gift vouchers 46%

Cash 36%

Books 34%

Clothes / shoes 32%

CDs / Music 30%

Cosmetics / Perfumes 26%

Jewelery / watch 25%

Travel 22%

Belgium Top 10 2009

Gift vouchers 44%

Books 29%

CDs / Music 28%


Clothes / shoes 22%

Don't know 21%

Interior design 20%

Food/Drink 18%

Which of the following types of presents do you think you will buy?


Travel 22%

Interior design 21%

Tickets (theatre / concert / sports match) 20%

Belgium

• The top 5 of most preferred gifts in Belgium has remained virtually unchanged compared to 2008. Gift vouchers are still considered to be the number 1 desired gift, which makes us unique in Europe. Almost 1 on 2 Belgians would like to receive such gift as a present.

• Cash has moved up one spot which is consistent with other countries. Overall, in Europe, the demand for gifts in the form of money (and gift vouchers) continues to rise. This reflects a persistent desire on the part of consumers to make their own gift choices or simply to have cash to cover everyday expenditure.

• Those desiring cash however will be often disappointed as we rarely offer it to other adults.

27

Food/Drink 18%

Cash 15%

Jewelry / watch 14%

General conclusions

Gift Shopping

What types of presents would you most like to receive?

First choice

Ireland Books

Belgium Gift vouchers

The Netherlands Books

Luxembourg Books

Germany Books

Switzerland Books

France Cash

Spain Clothes / shoes

Portugal Books

Italy Books

Which of the following types of presents do you think you will buy?

First choice

Ireland Books

Belgium Gift vouchers

The Netherlands Books

Luxembourg Books

Germany Books

Switzerland Gift vouchers

France Books

Spain Clothes / shoes

Portugal Books

Italy Books


Italy Books

Poland Cosmetics / Perfumes

Czech Republic Books

Slowakia Books

Romania Cosmetics / Perfumes

Ukraine Cash

Russia Cash

South Africa CDs / Music

28

Italy Books

Poland Cosmetics / Perfumes

Czech Republic Cosmetics / Perfumes

Slowakia Cosmetics / Perfumes

Romania Cosmetics / Perfumes

Ukraine Cosmetics / Perfumes

Russia Cosmetics / Perfumes

South Africa CDs / Music

X-mas 2009: the rebound?

Concluding Remarks

• While the economy struggles towards recovery, consumers remain cautious about opening their wallets.

• The crisis shows that there has been a shift in consumer behavior. Some trends existed already prior to the crisis but accelerated. Other trends emerged during it. It's now all about changing "value and values".

• “Value” refers to the rational, well-informed and cost conscious consumer, who is price

© 2009 Deloitte

• “Value” refers to the rational, well-informed and cost conscious consumer, who is price sensitive and who wants value for his money.

• “Values” refers to corporate responsibility, climate change impact, health, sourcing. Consumer values are the powerful motivators in the psychology of decision making.

29Xmas 2009 : the rebound?

Retailers who want to be successful will therefore have to connect with consumers

differently than before and ensure they timely recognize the changes in “value and

values” and act accordingly.

Methodology


Methodology

30

Survey methodology

• Deloitte realised the survey about the consumption during year-end period in 17 countries from Western Europe, Eastern Europe, and in South Africa. A similar survey was conducted in the USA.

• The conclusions of this study are based on consumer’s data which have been collected during a survey realised by Deloitte in co-operation with a research company.

• The fieldwork was executed late September-early October.

• The sample size of the survey was 17.567 of which 900 were Belgian.

© 2009 Deloitte

• The sample size of the survey was 17.567 of which 900 were Belgian.

• Respondents are aged 18 years and older. Information has mainly been collected via internet, with a structured questionnaire for a sample of individuals, within controlled panels.

• Each consumer in the panel is identified through the following aspects:

‒ Socio-demographics

‒ personal interests

‒ consumer behaviour

31 Xmas 2009: the rebound?

Survey methodology

• To adjust the Internet population vis-à-vis the population of each country, we used ex-post statistical weighting on:

‒ Gender (number equal to the population balance)

‒ Age classifications (16-65)

‒ Income (reflection of population mix)

‒ Regions

© 2009 Deloitte

‒

‒

• As in previous years, we use indexes to compare countries. The indexes are created in the following way:

‒ We deduct the negative responses to a certain question from the positive responses to the same question.

‒ Therefore, a response to a question on the current state of the economy that is 42% positive and 12% negative will result in an index of 30%.

‒ If the same question is asked for another country, a consumer response that is 25% positive and 32% negative will result in an index of -7%.

32 Xmas 2009: the rebound?

Additional Data on

Economic Indicators


Consumer Confidence


Source: National Bank Belgium – November 2009

Retail Performance Europe


Source: Eurostat – November 2009

E-commerce in Europe% of adults making purchases on the internet over a period of 3 months


Source: Eurostat / nVision – October 2008

Additional Data on


Additional Data on

Gift Spending

38

Gift Shopping If purchasing a gift for someone under the age of 12 this Christmas, what do you think you will buy?

Belgium Top 20 (1-10) 2009

Educative games 31%

Books 26%

Creative, Constructions (e.g. Lego, Mega Blocks, Painting and Drawings)

23%

Clothes / shoes 22%

Board games / Traditional games (inc. Puzzles) 17%

Drawing and Painting sets 16%

Belgium Top 20 (11-20) 2009

Wood toys 9%

Stuffed animal (bear,…) 8%

Games for Wii 8%

Action figures & Play sets (eg action man, Dr Who, Spiderman, Transformers, )

8%

Barbie/bratz 8%

Games for DS 8%


Cash 14%

Dolls, play sets & accessories (Baby Annabelle, my little pony, polly pocket)

13%

CDs / Music 10%

Gift vouchers 10%

BluRay / DVDs 6%

Bicycle 5%

Sports equipment / Sportswear 5%

Vehicle & Radio Control 5%

39

Gift Shopping If purchasing a gift for a teen between the age of 12 to 18 this Christmas, what do you think you will offer?

Belgium Top 20 (1-10) 2009

Cash 26%

Gift vouchers 25%

Books 24%

CDs / Music 22%

Clothes / shoes 14%

BluRay / DVDs 11%


Belgium Top 20 (11-20) 2009

Sports equipment / Sportswear 7%

Mobile telephone (apart from iphone) 7%

Jewelry / watch 6%

Games for PS3 6%

Educative games 5%

Games for DS 5%

Gift box (Smartbox) 5%



MP3 Player/IPod 9%

Games for Wii 8%

Board games / Traditional games (incl. Puzzles) 5%

Home Consoles : Sony PS3, Nintendo Wii, Microsoft Xbox

4%

Itouch 4%

40

Gift Shopping What women want and men buy…

What women want

Gift vouchers 55%

Books 40 %


Clothes / shoes 40%


Cash 36%

Interior design 29%

What men buy 2009

Gift vouchers 37%

Books 27%

CDs / Music 27%

Don't know 24%


Clothes / shoes 19%

Food/Drink 16%


CDs / Music 29%

Travel 26%


Interior design 15%

Cash 15%


41

Questions


© 2009 Deloitte

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In Belgium, Deloitte has more than 2,600 employees in 16 offices across the country, serving national and international companies, from small and middle sized enterprises to public sector and non-profit organisations. The turnover reached more than 308 million euro in the financial year 2007-2008.

The Belgian practice is part of the international firm Deloitte Touche Tohmatsu. For the fiscal year ended 31 May 2008, Deloitte Touche Tohmatsu realised a turnover of US$27.4 billion worldwide, with approximately 165,000 members of staff in over 140 countries.

xmas 2009 the rebound?static.tijd.be/upload/deloitte-rapport-2811322.pdf · xmas 2009: the rebound?...

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