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Study: Three out of 10 Romanians earn 30% less than before Covid 19 pandemic

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Three out of ten Romanians declare their incomes have dropped during the pandemic and they lost about 800 lei of their monthly incomes, which means the financial impact of the recent period is significant- an income reduction by 30%, according to a iSence Solutions study released on Thursday.

Romanians from the urban area were affected to a broader extent by the income drop (36%) against those who live in the rural area (22%). Those with low incomes were more affected by income drops (42%) against 38% of those with average incomes and 25% of those with above average incomes, the source shows.

The important financial impact of the pandemic on the Romanians os doubled by the psychological impact: Romanian consumers tend to adopt more cautious behavior in point of expenses. In the context of lower incomes, most (70%) declare they will buy bare necessities in the following period. The category of the lowest number of cautious Romanians is the one made from  young people aged between 18 and 29, the percentage of those who intend to buy bare necessities in the next period is only 29%, the analysis shows.

On the other hand, the study shows that only a quarter of Romanians say they will buy products cheaper than before the pandemic, while 82% say they will buy products they are already used to.

The pandemic changed the Romanians' behavior concerning payments: 62% of consumers say they will pay by card more than they did before, the study shows.

About their plans for financial recovery, 62% of Romanians declare they will spend less, 61% will save money, 24% will borrow from family/friends, 18% think about looking for a second job, while 11% consider they will have to make loans.

The study was made on a sample of 500 people aged between 18 and 65, through CATI methods (Computer Assisted Telephonic Interviews), in May 2020 and is representative at national level, with an error of +/- 4%.

The data presented are part of the ROCK report (Recovery Outbreak- Champions Kit), devoted to companies.

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Friday, June 12, 2020