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EY Romania: Covid 19 epidemic modified Romanians' consumption habits for products and services
The Covid 19 epidemic has modified the Romanians' consumption habits for certain products, services, media channels and social experiences accessed, quality and price becoming the main criteria for the Romanian consumers' option, according to a study made by EY Romania.
According to the source, in the last 5 months of 2020, several behaviors associated to the pandemic context among companies in Romania could be seen: the end of increase of commercial communication, high involvement in community or increased attention paid to employees. Many Romanian companies have developed strategies and capabilities to manage the crisis and to continue their activity during the pandemic.
Romanian consumers started following the companies' social responsibility attentively. The study mentions that for the time being, it is not certain to what extent a business strategy which integrates sustainability and social responsibility can determine the increase of a company's reputation directly and indirectly the consumers' migration to products and services of responsible companies, but surely these aspects appear in the consumers' preferences, as shown by the study.
The pandemic has changed the dynamics of involvement of the private sector in communities, and this fact can be seen in the large volume of donations made by companies, directed to support the public health system.
About 85% of Romanian consumers declare that the way in which companies behave is as important for them as products/services they supply, 80% say the business environment is responsible for making changes in the world. In the Covid 19 context, 59% of participants in the study declare they can see the positive impact of companies in society.
Moreover, most respondents (61.32%) say activities of getting involved in communities could determine them to buy products from the portfolio of companies involved. The care for employees and transparency are among factors which consumers take into consideration in their buying decisions. Over 70%of consumers declare that advertising no longer influences their consumption decisions.
According to the study, the new consumer, under the influence of pandemic at macro level, is much more pragmatical and more attentive to the behavior of companies. The Romanian consumer follows the behavior adopted by companies in the Covid 19 crisis context and at the same time their general business strategy. Public investments in infrastructure and health and donations for hygiene and medicine and the support offered by companies to their employees held pride of place in this period of time.
The companies best ranked in the top of the Romanian consumers' top in managing Covid 19 crisis are technology companies (84.5%) and retail companies (74%). Pharmaceutical companies hold an inferior position, only 58% of respondents considering that Big Pharma has efficiently answered in the present situation.
The Romanian Consumer's Behavior in Covid 19 context study is meant to analyze consumption behaviors in Romania in past months, and the way in which we expect the post Covid 19 society to look like from the consumer's point of view. He is inspired by the Future Consumer Index, a study developed by EY at global level in several developed markets.