Summary of PwC Voice of Consumer 2024 Survey for Romania
Findings:
Romanians expect to spend more on groceries, clothes, DIY products, and travel due to inflation.
Price is the biggest factor influencing purchase decisions, followed by health and sustainability.
Despite inflation, half of consumers aim to buy more sustainable products.
Social media ads heavily influence buying decisions (Facebook for older demographics, Instagram and TikTok for younger ones).
Physical stores remain popular, but online shopping is gaining traction (especially for tech, furniture, and luxury goods).
Contactless payments are preferred, but self-checkout adoption is lower than the global average.
Key Takeaways:
Romanian consumers are value-conscious due to inflation but also environmentally conscious.
Social media significantly impacts buying behavior across age groups.
Omnichannel retail is becoming the norm, with consumers using both physical and online stores.
Trends:
Rising inflation impacting spending habits.
Growing preference for sustainable products.
Increasing influence of social media on purchasing decisions.
Shift towards online shopping, particularly for specific product categories.
Who are the consumers?
The survey included over 20,000 consumers across Romania, so it likely reflects a general population sample.
Implications for Brands:
Brands need to offer competitive prices and promotions to attract cost-conscious consumers.
Emphasize product sustainability to resonate with environmentally conscious customers.
Utilize social media effectively for targeted advertising across different age groups.
Offer seamless omnichannel shopping experiences to cater to both online and in-store preferences.
Implications for Society:
Increased pressure on household budgets due to inflation.
Growing awareness and potential shift towards more sustainable consumption patterns.
Social media's growing power in shaping consumer behavior, potentially raising concerns about manipulation and influence.
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