A new study conducted by the Romanian branch of McKinsey&Company reveals an alarming statistic. Among other European citizens, Romanian consumers, mostly the ‘baby boomers’ demographic (born between 1946 and 1964), are among the most concerned about inflation and rising prices. 

The most concerned consumers about inflation are those coming from the United Kingdom (69%) and Romania (66%). The least worried about higher prices are the Italians (52%), the Spanish (53%), the French and the Germans (57%).

In the past few weeks, Romania has seen a drastic change in shopping behavior. 80% of consumers have shifted from purchasing branded/expensive products for household items, snacks, frozen foods, and dairy products into their own or cheaper counterparts.

“Romanian consumers are taking action to protect their households in the face of rising uncertainty, by prioritizing essential purchases and choosing value-for-money or cheaper products within categories. Companies who take time to understand how consumers are behaving will be able to support them accordingly”, says Alexandru Filip, Managing Partner of McKinsey&Company Romania.

The invasion of Russia in Ukraine, which has misplaced many Ukrainians who later sought refuge in Romania and other countries, is the second on the Romanian consumers' fear list, followed by cost and accessibility of healthcare.

While most of the baby boomers, surprisingly, fear that they wouldn’t be able to maintain their sustainable lifestyle due to the rising prices, millennials (born between 1981 and 1996) are mostly afraid of job security, and Gen-Zs are mostly concerned about global warming more than anything.

The “Consumer Sentiment Survey," which was conducted in November 2022 with an approximative sample of 1,000 respondents aged above 18 from all income categories, focuses on customers’ behaviors on feelings, observations, and reactions to the world’s affairs.

rafly@romania-insider.com

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