Reveal Marketing Research Study: The fear of inflation leads Romanians to reduce consumption
- In April, the inflation rate reached a record level of 13,8%, exceeding the inflation forecast projected by the National Bank of Romania for 2022.
- In a context characterized by lack of predictability, 58% of Romanians consider that reducing consumption is the best way to fight against financial difficulties generated by inflation.
- The hostile attitude towards state’s institutions acquires new valences, the government being perceived by 67% of Romanians as responsible for the inflation rate in Romania.
Romania’s inflation rate is forecast to reach 12.5% by the end of 2022, according to the latest forecast of the National Bank of Romania. However, in April, the unleashed inflation rate reached a record level of 13,8% in our country.
In this context, Reveal Marketing Research conducted a nationally representative study among urban residents, to find out what impact had the increase of inflation for Romanians.
According to the latest Reveal Marketing Research study, almost half of Romanians consider themselves informed about inflation.
42% of Romanians living in urban areas declare that they are informed or very informed about inflation. The categories of people who consider themselves less informed about this topic are the women (35%), people under the age of 35 (34%) and those with low incomes (35%). Moreover, 72% of respondents consider that the level of inflation in Romania is higher than in other countries, this being mentioned to a greater extent by people over the age of 45 (88%) and by those with high incomes (80%).
Food, fuel and utilities are the most affected categories by inflation.
Large increases in people spending to meet basic needs are the most noticeable consequences of inflation. Thus, the respondents mentioned that top-level categories affected by the price increases are food (77%), fuel (77%) and utilities (electricity, gas, etc.) (70%). They are at a significant distance from the value of the next measured product category, construction materials, which scored 17%.
Reducing consumption is perceived as the most appropriate solution to meet the financial challenges caused by inflation.
6 out of 10 respondents believe that reducing consumption could solve the problem of inflation. This solution was mentioned to a significantly greater extent by men (63%), by people over the age of 55 (71%) and by those with high incomes (65%).
Another potential solution to combat the negative effects of inflation is the demand for a wage increase. Thus, 42% of Romanians living in urban areas declare that they would consider this option as well.
Young people aged 18-24 are the least willing to change their lifestyle and their consumption habits (53%), preferring to a greater extent the demand for a wage increase solution (58%).
Moreover, a quarter of Romanians also consider to emigrate in order to cope with the economic challenges brought by inflation, an alternative mentioned rather by people with low-income.
The Government and the conflict/ war situations are the main responsible for the high level of inflation.
Dissatisfaction and distrust in state institutions continue to increase and make 67% of respondents consider the government as main responsible for the level of inflation in Romania. This hostile attitude is significantly more visible in case of people over the age of 45 (77%).
Conflict or war situations are also perceived as causes of inflation (60%) and were reported to a greater extent by people with high-income (70%).
The next 2 positions are occupied by the pandemic (42%) and large corporations (31%), which are mentioned more often by young people aged 18-24.
About Reveal Marketing Research
Reveal Marketing Research is a full-service market research company, specialized in market research, sociological studies, customer insight, business strategy, market development. With expertise in over 20 industries, Reveal Marketing Research believes that market research is the basis for the right decisions and brand positioning. Qualitative and quantitative solutions have been helping companies in Romania and Europe for 13 years.
Methodology: The Reveal Marketing Research study was conducted online between 20-26.04.2022, on a representative sample for the universe of people aged 18+, from urban areas. The sample size was 1005 respondents, and the maximum sampling error is +/- 3.1% at a 95% confidence level.
*** The data belongs to the market research company Reveal Marketing Research and is used to put in context the future business studies for the company’s clients.