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January 26, 2023

EY Romania survey: In 2022, Romanians spend less on food products and cut down on their savings, investments

The majority of Romanians spent less on food products in 2022 and cut down on their savings and investments, according to the latest Future Consumer Index survey, conducted by EY Romania experts in the beginning of December 2022.

The survey targeted Romanians’ perception regarding the new economic context of the current year, compared to previous years, and especially the changes, if any, in their consumption habits.

According to the consulting company, the context of the political and economic events that marked 2022, namely the increase in energy and fuel prices, determined by the Russian-Ukrainian war, which overlapped the economic effects of the pandemic year (2020) and the slowing down of the pace of economic growth of the previous years (2022 compared to 2021) could have determined partial or total changes, either on specific segments of consumption, products and services, or in general.

“The concerns and pressures caused by the pandemic were replaced in 2022 by those related to the war in Ukraine, which inevitably affected consumers’ behavior. We saw several changes, including: limiting some expenses – such as those allocated to entertainment, cutting down on savings and investments or those dedicated to education and professional training,” the Partner, Tax & Law, Indirect Tax department and leader of the Retail and Consumer Products sector with EY Romania, Georgiana Iancu, stated.

The most interesting aspect, at least by comparison with previous years, which the EY survey reveals seems to be the increased concern for the personal financial future and that of their families, at least in view of the responses regarding the amounts allocated, in different categories, in the next six months.

According to the results of the survey, the respondents indicated the highest amounts, between 500 and 1,000 RON, as being allocated to expenditure on food products (74pct of them, compared to 80pct in 2021), savings and investments (59pct, compared to 68pct in 2021), education and training – 27pct (compared to 34pct in 2021).

The first three preferences were followed by spending on clothes and shoes – 25pct, almost on par with entertainment and relaxation – 24pct. For hygiene and personal care, amounts of this level will be spent by only 14pct of the respondents, and for sports, only 12pct will spend over 100 EUR monthly in the next half of the year.

Among the aspects that produce an effect on the buying process, the galloping increase in prices was mentioned first – 22pct, followed by the increase in electricity and gas prices – 19pct and the stagnation of wages and the increase in inflation – 18pct.

A large part of the respondents say that in order to calibrate their consumption, they get information from the media or from the statements of decision-makers – politicians or authorities, which can sometimes distort the economic reality.

Wages, for example, according to the National Institute of Statistics (INS) data, increased in the first nine months of this year by almost 12pct, but because prices have increased, the general opinion is that they have stagnated.

When asked about the amount of expenses allocated this year for shopping during the holiday period, the results of the survey are almost equal. Thus, amounts between 500 – 999 RON are spent by 27pct of the respondents, amounts between 1,000 and 1,500 RON also by 27pct, and over 1,500 RON by 29pct. Small amounts, between 400 – 499 RON, will be spent by only 8.5pct of the respondents.


Photo: www.pixabay.com

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