Brussels, 21/10/2011 (Agence Europe) - On the services market, financial services, investments, mortgages and real estate services are the markets which are the most likely to be failing consumers across the EU, and, on the goods market, second-hand cars and fuels have the poorest ratings, according to the Consumer Markets Scoreboard for 2011, the sixth of its kind, published by the Commission on Friday 21 October.
Much, then, remains to be done if EU consumers are to derive the full benefits of the theoretical possibilities of the internal market in goods and services. In the light of these findings, the Commission will probe the consumer credit and fuel markets. With the European directive on consumer credit (Directive 2008/48/EC) due for review in 2013, the survey findings will be put to good use.
The annual Consumer Markets Scoreboard ranks 51 services and goods markets, covering more than 60% of household budgets. Analysis is conducted largely through the market performance indicator (trust in retailers/suppliers) and other indicators (price differences between EU countries, ease of changing suppliers and tariffs) to find the markets most likely to be failing consumers and to monitor them. The 2011 scoreboard reveals, inter alia, that, just as in 2010, financial services (14 were assessed) continue to under-perform, with financial services (e.g. consumer credit) and network services (e.g. electricity) all below average. Consumer credit scores poorly, particularly in terms of trust and comparability.
Overall, investments (including pensions and securities), real estate services and mortgages are the three lowest-performing consumer markets (in 2010, these were investments, real estate and internet provision). When the perceived ease of switching the provider or tariff plan is considered, as well as actual switching by consumers, mortgages, investments (including pensions and securities) and electricity supply score lowest of the 14 service markets analysed.
Goods markets on the whole appear to be working much better than service markets. Exceptions include second-hand cars and vehicle fuels, which scored lowest in the goods category (in 2010, the lowest were second-hand cars, clothing and footwear, and meat).
Compared with 2010, the electricity and fuels (ranked second lowest) markets have deteriorated most, which may reflect consumer sentiment about electricity and fuel prices.
The full report can be found online at: http://ec.europa.eu/consumers/consumer_research/ editions/cms6_en.htm (AN/transl.rt)