ING Bank, one of the largest and most important banks in Romania, tried to find out what are the main concerns of Romanians for the next period, and this in the conditions where the war in Ukraine generates numerous economic and social problems. A study cited by ING Bank says that 80% of Romanians expect prices to increase by 25% in the next period in Romania, this being one of the main concerns of the people.
ING Bank also states that 50% of Romanians tried to partially reduce their heating costs by reducing the temperature in their homes, while 70% of Romanians tried to reduce their electricity costs by using less electronic devices. Of course, consumption habits in Romania were also affected during this period due to the war in Ukraine, and since the war does not seem to be close to an end, it is not excluded that things will get worse.
"A recent study conducted by Ipsos for ING Bank shows that 8 out of 10 Romanians believe that in the next period prices will increase by an average of 25%. In this context, to keep up, 80% of them hunt for discounts and promotions in their daily shopping and more than 50% spent less on clothing items.
At the same time, 36% have postponed the purchase of durable goods (such as a car), 18% have postponed opening their own business, respectively 16% have postponed changing jobs, while 14% are still thinking, at the moment, about when giving birth to a child.
"The Ipsos study showed us to what extent Romanians' consumption behaviors and saving capacity have been affected in the recent period. Although they face difficulties, Romanians are quite reluctant to use a monthly budget, whether we are talking about one written on paper or managed in an application.
More than 40% of them let themselves be guided by instinct or memory when they want to save. That's why it's important to support them and provide accessible and practical information to help them be financially healthier. An example in this regard is the Cát ai sein Leu platform, which is aimed at all those who want to organize their budget better," said Wenka Booij, Ad-Interim Marketing, Communication and Sustainability Director, ING Bank Romania.
The recent financial unpredictability has led Romanians to be more cautious when it comes to consumption, especially in the following categories: utilities, daily shopping, clothing shopping, going out and home renovation. About when shopping for clothes, over half of respondents try to cut costs.
Nor did the frequency of leisure activities remain the same, with 50% of them limiting going out. 44% of Romanians spend less money on personal care, and 43% had to do less sports or reduce the budget for hobbies. The increase in the prices of daily consumer goods has affected the majority of Romanians. Therefore, more than 30% turn to cheaper brands and 22% consume less than they did before.
Utility prices are a concern for most Romanians, so half of them gave up their own comfort and lowered the temperature in their homes in the cold season, hoping for lower heating bills. 7 out of 10 Romanians tried to reduce the cost of bills, using less electronic equipment. At the same time, 38% of the participants in the study have postponed the renovation of the house, and 23% are still thinking about the purchase of a new home."
