Consumer Spending Trends in Romania
Almost three-quarters of Romanians (74%) perceive inflation as the main reason they will spend more in the next six months, according to a survey published by PwC on Monday.
The results of the PwC Voice of Consumer 2024 research show that seven out of ten consumers estimate that in the next six months, they will spend more on food, clothing, DIY products, and travel, according to Agerpres.
In this context, better quality-price ratio and promotional offers are the most appreciated characteristics by Romanian consumers when choosing a product, as well as by those globally. Thus, 46% and 39% of respondents respectively state that discounts, followed by promotional offers, are the main reasons they choose to switch brands.
However, despite price pressures, five out of ten consumers express their intention to buy more sustainable products.
Social media advertisements are…
Influence of Social Media on Buying Decisions in Romania
According to the source cited, the decision to make a purchase is greatly influenced by advertisements on social media, in the opinion of over 70% of those surveyed, similar to their counterparts worldwide.
Social Media Preferences in Romania
The most popular social media app in Romania remains Facebook, while younger users prefer Instagram and TikTok.
Sales Channels in Romania
When it comes to sales channels, physical stores remain popular, but online stores are gaining ground. Monthly, 36% of Romanian consumers make purchases from physical stores, while similar percentages, meaning 29% and 31%, shop online on their PC or smartphone.
Payment Preferences in Romania
Furthermore, contactless payment is preferred by 44% of Romanian consumers, surpassing the levels recorded in the ECE region and globally. 28% prefer the “self checkout” technology (compared to 34% in ECE and 38% globally). Approximately a quarter of consumers in Romania and globally would prefer a seamless shopping experience.
The Voice of Consumer 2024 Survey Results
During the Voice of Consumer 2024 survey, PwC questioned 20,662 consumers from 31 countries and territories, including Romania. PwC is a network of firms present in 151 countries, offering quality services in auditing, tax consultancy, and business consultancy.
Insights from the Survey
The survey revealed valuable insights into consumer preferences and behaviors in various markets around the world. Consumers are increasingly looking for personalized experiences and convenience when shopping, leading to a rise in demand for automated shopping solutions.
In Romania, consumers showed a growing interest in online shopping and digital payment methods. This indicates a shift towards a more tech-savvy consumer base, prompting businesses to adapt and invest in e-commerce platforms and digital marketing strategies.
Implications for Businesses
For businesses, understanding and responding to these consumer trends is crucial for staying competitive in the market. Investing in automation technologies, personalized marketing strategies, and digital channels can help businesses meet the evolving needs of consumers and drive growth in the digital age.
