iSense Solutions: Romanians are rethinking their priorities due to rising prices

iSense Solutions: Romanians are rethinking their priorities due to rising prices
iSense Solutions: Romanians are rethinking their priorities due to rising prices

Despite economic fears, rurban people are in a better mood compared to the similar period during last year’s pandemic. They feel happier (46% in 2022 vs 32% in 2021) and more optimistic (51% in 2022 vs 39% in 2021), data from the more recent iSense Solutions study – The modern consumer and the financial crisis.

But, when we talk about the main concerns during this period, Romanians declare that they are worried about inflation (90%), the possibility of an economic crisis (84%), the war in Ukraine (62%), the COVID-19 epidemic thus taking last place (35%).

“The Romanian consumer is concerned about the increase in prices but, at the same time, due to the fact that he has passed from one stressful period to another (and we are talking here about the transition from the COVID-19 crisis, to the stress of war and later to economic fears) he feels more much the need for optimism and balance. Therefore, it will rather respond to the positive messages sent by brands and the mass media”, declares Laura Roșca, Qualitative Research Director, iSense Solutions.

Ask what solutions they have adopted in the last three months to deal with high prices, 73% of urban Romanians declare that they bought products in smaller quantities71% went to stores that have lower prices and 52% say they stocked up on bargain finds.

In the qualitative research within the iSense Modern Consumers Online Community, Romanians declare that they prioritized basic food products, they put off purchasing non-essential products or waited to find them on sale. Premium products were purchased upon receipt of salary while more affordable products were purchased the rest of the time.

From the need to keep costs under control, Romanians started to organize their expenses better. They say they make shopping lists at home (84%), use the stores’ online applications to search for discounts or discount periods (73%) or look for promotions in store brochures (66%).

Also read Discounts, top of shoppers’ wish lists this holiday season

Also, qualitative research based on in-store observation of shoppers showed that the time spent by consumers on the shelf increased, as they better compared products with each other, price and weight, and looked for promotions.

“During this period it is important to help the consumer to better organize their shopping. At the same time, the change in his shopping routine and the longer time spent on the shelf creates challenges for the communication of brands in stores, which must be more creative, in order to attract more consumer attention”, claims Traian Năstase, Managing Partner of iSense Solutions.

In terms of fun, socializing and going out behaviour, 84% of Romanians declare that in the last three months they have rarely visited restaurants and cafes and 85% say they plan to do so in the next three months under the same rationale of saving. Also, qualitative research has shown that, lately, if they still go out, Romanians prefer to eat at home first, saving their outings to drink and socialize, an aspect that was greatly lacking during the pandemic.

And personal finances are a major concern for Romanians in the context of rising inflation and implicitly prices, and the uncertainty about what the next period will be like creates even more pressure. In this context, 47% of Romanians from the urban environment they say that in the next 12 months they will look for additional sources of income15% will invest in passive income, and 8% say they will apply for a personal loan or refinance an existing loan.

The quantitative research was conducted on a sample of 1,006 respondents, representative of the urban population, aged 18-65 years, with a maximum margin of error +/- 3.09%, at a confidence level of 95% and was conducted during the period 16 -September 23, 2022. The qualitative research was based on 6 assisted visits, 6 in-depth interviews conducted in Bucharest and 4 focus group discussions, on a representative sample of the iSense Modern Consumers Online Community, held between August and September 2022.

The article is in Romanian

Tags: iSense Solutions Romanians rethinking priorities due rising prices

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