Romanians expect the economic situation to worsen in the following six months, business study shows

The psychological impact that the current economic turmoil has had on the Romanian consumer is significantly greater than the actual impact, shows the Game Changer research developed by media agency Initiative. Thus, 86 percent of the respondents consider that the economic situation is worse than six months ago, while 75 percent expect the situation to worsen in the coming six months. On an international level, however, 70 percent of the respondents felt that the situation had stabilized and were more optimistic about the future.

In this context, the purchase behavior of the Romanian consumer has also changed. “On the consecrated socio-economic background of the recent years, the means of information and interaction of the consumer with the brands that he or she purchases follow a new order; over half Romanians have changed their purchase behavior and intend to stick to their new habits after the recession has ended, as well.”, states Steve Dallas, Initiative managing director.

As the study continues to show, the biggest impact of the recession is in household income, 31 percent of respondents stating that they have received a decrease in salary, 14 percent have had bonuses canceled and 12 percent have lost their jobs in the last six months.

Therefore, Romanians have adapted to the crisis in various ways, either by positive or negative adaptation or simply by giving up on certain products. Thus, 24 percent of Romanians have completely given up on personal technology products, as well as household maintenance products that have been replaced with cheaper ones of the same category by 20 percent of respondents. However, the products that Romanians are the least willing to give up on are in the personal hygiene range, as well as coffee and fresh meat.

Media consumption has also been changed in the current economic context, shows the report. Thus, 70 percent Romanians keep up to date with the daily development of the economic crisis with television remaining on top, as 56 percent of respondents cite it as their main source of information and 26 percent regard Internet as such.