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Reveal Marketing Research Study: Consumer trends and spendings for 2022 Context
More than a year after the liberalization of the electricity market and regarding the debates in the public space related to the increase of bills, Reveal Marketing Research carried out a market study on this topic. Which product categories have undergone price changes in the last period compared to the same period last year?
Top categories of products that have undergone price changes
According to Reveal Marketing Research data, all product categories are now more expensive compared to last year. The top of the price changes is dominated by fuels, the electricity / gas bill and food products as the services that have become more expensive recently (82%).
Increases that respondents also recorded were in the case of products for home construction / furnishings (79%), travel / vacations (74%), medicines / supplements (72%) and costs for services such as telephony, internet, insurance, etc. (69%).
On the other hand, body hygiene products, clothing and accessories are indicated by a small number of respondents as being more expensive than last year. By gender, according to centralized data, women mostly report that the products that have become more expensive compared to the same period last year are food products (86%), while men consider that the fuel is more expensive now (80%).
Millennials without relationships (18-30 years old) and young professionals (25-35 years old) have noticed only a small increase in all the products and services analyzed, while traditional families have noticed more increased prices for all products.
The national opinion regarding the price increase of products and services
More than half of the people interviewed in this study believe that this year prices will increase the most on the electricity / gas bill (79%), followed by food (74%) and fuel prices (74%).
Millennials and young professionals have stated to a lesser extent that they anticipate an increase in the price of all products and services, while adults without a partner (35-55 years old) have stated that they anticipate an increase in the price of most products with significant differences. Regarding the forecasts for more expensive services, respondents believe that electricity services (85%), natural gas (83%) and running water (67%) will become more expensive this year.
Product categories with budget discounts
In any economic crisis, no matter its cause, consumption gets smaller and people look more closely at prices and the way they spend their money. Therefore, as a result of the continuous price increases for almost all product categories, romanians say that they have started to be more cautious in the purchase of clothing (59%), the costs for fuel and other services – telephony, insurance, etc. – (50%), electronics, computers (49%), travel / vacation (49%).
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About Reveal Marketing Research
Reveal Marketing Research is a full-service market research company, specialized in marketing research, sociological studies, customer insight, business strategy and market development. With expertise in over 20 industries, Reveal Marketing Research believes that market research is the basis for the right decisions and brand positioning. Qualitative and quantitative solutions have been helping companies in Romania and Europe for 13 years now.