ING Bank study: 8 out of 10 Romanians believe that prices will increase by an average of 25 percent in the next period

A recent study 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 percent. In this context, 80 percent of them hunt for discounts and promotions in daily shopping and over 50 percent have spent less on clothing. At the same time, 36 percent postponed the purchase of durable goods (such as a car), 18 percent postponed the opening of their own business, respectively 16 percent postponed the change of job, while 14 percent are still thinking, at the moment, about giving birth to a child.

“The Ipsos study showed us to what extent the consumption behaviors and the saving capacity of Romanians have been affected in the last period. Although facing 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 percent of them are guided by instinct or memory when they want to save. That is why it is important to come to their aid and provide accessible and practical information to help them be healthier financially. An example in this sense is the How Much Would You Say Leo platform, which is addressed to all those who want to better organize their budget,” said Wenka Booij, Ad-Interim Director of Marketing, Communication and Sustainability, 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 renovating homes. When it comes to shopping for clothes, more than half of respondents are trying to cut costs. The frequency of relaxation activities did not stay the same, 50 percent of them limiting going out in the city. 44 percent of Romanians spend less money on personal care, and 43 percent had to do less sports or reduce their hobby budget. The increase in prices for daily consumer goods has affected most Romanians. As a result, more than 30 percent are looking for cheaper brands and 22 percent are consuming less than before.