56% increase in spending over last year

According to the recent EY Consumer Index 2023 survey, Romanians are preparing to open their pockets this festive season. With a significant increase of 56%, they say they will spend more in the period December 2023 — January 2024 compared to the previous year.

The research, conducted in December 2023, highlights changes in the perception and consumption behavior of Romanians in the context of a year marked by significant economic, social and geopolitical changes, Agerpres reports.

Main findings:

Concerns and Priorities: Romanians' top concerns are led by the rising cost of living (32%), followed by the state of the country's economy (31%) and the outcome of political elections (30%).

Increased holiday spending: Despite these concerns, 56% of respondents say they will spend more in the period December 2023 - January 2024. Product categories of concern include fashion accessories, consumer electronics and household items.

Expectations for the future: In terms of expectations for the future, 44% of participants hope for improvements in personal finances, 37% for work, and 35% for physical and mental health.

Changes in consumer behavior: under pressure of rising prices, Romanians adjust their consumption behavior. They are turning their attention to sustainable products (72%) and high-quality products (71%).

Preference for own-brand: In the context of price increases, Romanians choose own-brand products from retailers for fresh food (71%), packaged food (51%) and home and household care products (49%).

Looking closely at the data, we see an interesting combination of lingering concerns and optimism manifested by a significant increase in holiday spending. It is possible that this balanced approach reflects Romanians' desire to preserve their festive traditions, even in the context of a changing economic reality.