Wisemetry Research: Throughout 2021 people will be cautious with their budgets, but will spend money on those small pleasures that were unattainable the year before, such ar travelling

The study was carried out by Wisemetry Research between October 30th and November 4th 2020 and aimed to highlight the challenges caused by the mobility restrictions imposed to prevent the spread of the SARS-COV-2 virus. The study touched on topics such as the organization and challenges of telework, the care and education of children and gender imbalance in household chores and supervising online schooling, mechanisms people adopted to cope with isolation or habits that people wish to adopt or keep for the following 12 months.

What are people’s plans for the coming year?

2021 – the year during which people will balance the need for material security, understood through their intent to save money, increase their income by getting promoted at their jobs or getting a second job, with their desire to increase their comfort and relaxation through doing some home-improvement projects or going on a well-deserved vacation 

When asked about their plans for 2021, most respondents - 42% stated they wish to increase the amount of money they save in the following 12 months. One in three respondents plan on doing some home improvement/ renovation, while 28% want to go on a special vacation or trip, a sign that they missed travelling during the year that just ended. Moreover, one in four respondents plan to supplement their income through possibly taking a second job or activating other income sources.

The desire for material security and a behaviour oriented towards saving are natural when people are confronted with extreme threats, be it a financial crisis or a health crisis. Among their plans for the new year, we find:

  • Paying off a loan – 21% of respondents
  • Taking professional or personal development classes – 20%
  • Finding a new job – 18%
  • Making a major change in their career – 17%

Over the next 12 months, most respondents will invest in special holidays, electronics, and home appliances

When it comes to investments people intend to make in 2021, 32% of respondents are certain that sometime over the next 12 months they will go on holiday/ a trip. As 2020 was characterized by lockdowns, it is expected that in the near future, as travel once again becomes safe, people will want to explore new destinations, maybe even exotic countries and stray beyond the traditional tourist sights.

One in four respondents are certain that in the coming year they will invest in electronics or IT&C equipment. Electronic devices became essential goods during 2020 as most activities moved online -job, school, as well as entertainment and keeping in touch with loved ones.

We shouldn’t forget about those intending to invest in home renovation (23%) or buy new furniture (22%). During 2020 people had to redefine the purpose of a home – it developed new meanings and incorporated new functions – workspace, school, space for socialization. In this context a need to adjust the space to its new purposes arose. Undoubtably, people’s expectations of an ideal home have changed. There is also some interest in acquiring real estate – a home or land.

During 2020 people embraced a digital lifestyle and there are hints that this trend will continue into 2021. Additionally, care for others and for oneself is increasing.

Among the top 3 habits people wish to adopt or keep in 2021 we find activities related to digitalization and those that will save up time with administrative tasks:

  • 66% of respondents intend to cut down visits to bank branches as much as possible in 2021
  • 62% plan to use online banking apps
  • 61% want to receive invoices for utilities in a digital format exclusively

Among people's priorities for 2021 are caring for loved ones and caring for their own physical and mental health – 53% plan to visit their parents more frequently, 47% intend to get more involved in their children’s education, 42% want to exercise regularly and another third wish to quit smoking or get medical check-ups more frequently. 8% intend to work less than 8 hours per day. Respondents also wish to be more socially responsible this coming year. Therefore, 54% of those interviewed intend to make a habit out of recycling – respondents would be happier had public authorities set up the infrastructure for selective recycling, and 41% intend to mainly purchase products made in Romania. Volunteering and donations are on the list for 15% of respondents. A desire to use the car more sparingly showcases people’s care for the environment – something authorities might take into consideration

The study was conducted online, on a sample of 1000 respondents. The sample is representative for the Romanian population of Internet users with regards to gender, age, and region. The maximum sampling error is ±3.1%. Along with information regarding future plans, the study also contains data on:

  • Managing online schooling and the challenges encountered by parents in caring for and supervising their children
  • Work patterns and challenges during telework (remote work)
  • Behaviours adopted to cope with social isolation
  • The impact of social isolation on relationships and family life

You can request access to the full report free of charge by sending an email to: office@wisemetry.com.

Photo by Ibrahim Boran on Unsplash

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