This fall, iSense Solutions is hosting “Consumer Pulse 2024: Innovations and Insights with iSense Solutions,” an event that will explore market transformations and new trends in consumer behavior. On September 19, 2024, we are honored to welcome three distinguished guests who will share valuable insights from their areas of expertise:
- Dan Suciu, Director of Communication and Spokesperson of the NBR, will address the macroeconomic outlook and its impact on the consumer market.
- Vesna Hajnsek, Senior CMI Manager at Groupe L’Occitane, will discuss how consumers are adapting globally and what emerging trends are influencing buying behavior.
- Ioana Cecilia Popescu, Dean of the Faculty of Marketing at ASE Bucharest, will bring an academic perspective on how consumption is evolving on the local and international market.
A story about the demanding consumer and economic challenges
In a changing world, the Romanian consumer is becoming more attentive and demanding. At the event we will take a detailed look at these changes. According to research by iSense Solutions, the percentage of consumers who choose to cut corners on product quality to save money fell by 10% in 2024 compared to the previous year. This shift reflects a new mindset – consumers are no longer just looking for lower prices, but also value and quality for the money they invest.
This transformation in consumption behavior is closely linked to the current macroeconomic context. According to NSI data, Romania’s economy recorded a modest GDP growth of 0.7% in the first semester of 2024 compared to the same period of 2023, mainly supported by household consumption (+3.7%) and investment (+1.4%). However, foreign trade had a negative contribution of -3.5%, due to the increase in imports and the decrease in exports.
Annual inflation was 5.1% in August 2024, stabilized in recent months, but below the 6.5% annual average over the past 12 months. These dynamics influence how consumers plan their purchases and prioritize quality.
Against a challenging economic backdrop, Romanian consumers are becoming more selective and value-conscious. The event aims to explore these changes and provide insights into how consumer behavior is evolving in an era of economic uncertainty Traian Năstase, Managing Partner iSense Solutions, says Traian Năstase. Those who wish to attend the event are kindly requested to send an email to office@isensesolutions.com, due to limited places, and we will confirm your registration.