The existing literature on international financial crises has tended to focus on macroeconomic aspects, such as weaknesses in macroeconomic fundamentals and self-fulfilling expectations. More recent work has sought to fill in the gap in the microeconomic impact of financial crises. This paper utilizes a longitudinal household survey dataset for Bulgaria to examine differences in consumption expenditure from the year 1995 to 1997, during which time the economy experienced a financial crisis. Its primary finding is that the crisis had differential impacts on different groups in society, and these groups are represented in termsof both their asset and production dimensions as well as by their socioeconomic and demographic dimensions.