We have all witnessed major changes throughout 2022, both organizationally and in our day-to-day lives. Entrepreneurs and decision-makers in companies that we have engaged with throughout the year have shared their concerns about economic uncertainty, with everyone trying to understand the impact on consumer behavior in Romania.
Therefore, we have decided to address these concerns as effectively as possible: by obtaining data directly from the source, the consumers.
We have learned about the general sentiment of Romanians in the current economic context, and how they expect things to evolve in the first months of 2023, within the framework of the 2022 Consumer Sentiment study.
Here are the main three aspects that concern Romanians in the next 6 months:
- 8 out of 10 Romanians are worried about the rising prices of fuel;
- For 64% of the population, the rising cost of living is another significant concern;
- 1 in 4 people are concerned about their individual/family income.
Access the research “Consumer Sentiment 2022” for free, and we will send you the complete results of the research.
Strategies Adopted to Address Uncertainty in the Economy over the Last 6 Months
At the beginning of the year, it seemed things were returning to normal; however, this hope was diminished by the war that broke out in Ukraine and the subsequent inflation that followed soon after.
Therefore, economic concerns in 2022 have led over half (57%) of consumers in the country to save money in the last 6 months, a behavior particularly noted among Millennials and those with higher incomes.
However, certain population groups, such as those from the Baby Boomer generation, those with low incomes, and those without children, have turned to saving as a means to face financial challenges.
In this context, only 1 in 10 Romanians have made investments in the last 6 months, aiming to adapt their financial approach to address the uncertainty.
Consumers have redefined their priorities for spending on shopping and leisure activities
Regarding shopping, more than half of the consumers have shifted towards more accessible brands and products. It is observed that Millennials and those with low incomes (approximately 7 out of 10) have particularly sought after cheaper alternatives.
Consumers have also been cautious about the quantity of products purchased, with over half reducing their quantities. Those with low incomes and Generation X have adjusted the amount of products bought the most.
We also observe changes in consumption behavior among Romanians in general, with many choosing to reduce their energy, gas, or fuel consumption in the last 6 months, as well as reductions in city outings (68%) and even postponing or canceling vacation plans (5 out of 10 respondents).
How do Romanians expect the aspects that concern them to evolve in the upcoming period?
The increase in prices, the cost of living, and the level of individual/family income are the main concerns for consumers in the country.
Regarding prices, the general sentiment of Romanians at the beginning of 2023 is a pessimistic one, with 73% of the population expecting to pay more for food, utilities, and fuel.
The same applies to the cost of living in Romania. 7 out of 10 respondents declare that they expect to spend more money from their own pockets for medical services, rent, education, installments, etc., in the next 6 months.
Financial concerns vary across generations
Generation Z respondents are more worried about the rising cost of living, while Millennials are concerned about price increases. However, the youth (Gen Z and Millennials) expect their income to remain at the same level in 2023.
In contrast, the Baby Boomers generation is more concerned about their income in the coming period, with a perception that it may decrease (4 out of 10), as is the case for those with lower incomes (43%).
On the list of concerns for 2023, Generation X, those with higher incomes, and parents are also adding the evolution of the war in Ukraine to their worries.
Access the research “Consumer Sentiment 2022” for free, and we will send you the complete results of the research.
Expectations of respondents regarding the economic situation, the war in Ukraine, and the evolution of coronavirus
The economic outlook is not viewed positively in the near future, with over 6 out of 10 interviewees believing that the situation will worsen in the first months of the new year.
Additionally, nearly half (45%) of the study’s respondents expect to face difficulties in finding the goods and services they are interested in over the next six months.
Regarding the situation in Ukraine, opinions are divided; respondents are either undecided or believe that things will improve.
As for the COVID-19 situation, when asked how they think the coronavirus will evolve in the next six months, the majority are split between two ideas: the situation will improve or they have no concrete opinion.
In both cases, about a third of study participants chose not to give an opinion, which may be attributed to the fact that Romanians have internalized these subjects, which have become a part of daily life.
Access the research “Consumer Sentiment 2022” for free, and we will send you the complete results of the research.
Methodology
The data are extracted from the Consumer Sentiment 2022 study, conducted by MKOR Consulting through the MKOR Panel.
- Sample: N=530 respondents, nationally representative based on gender, age, and geographic distribution criteria
- Target: general population, 18-65 years
- Research Method: survey (CAWI)
- Research Instrument: questionnaire
- Approach: online, through MKOR’s own panel
- Period: November 2022
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