Consumer behavior of Millennials in Czech Republic when facing multiple crises: experiences from the COVID-19 pandemic and the 2022 energy crisis
Thesis title: | Consumer behavior of Millennials in Czech Republic when facing multiple crises: experiences from the COVID-19 pandemic and the 2022 energy crisis |
---|---|
Author: | Rodriguez Esponda, Franco Eduardo |
Thesis type: | Diploma thesis |
Supervisor: | Kottika, Efthymia |
Opponents: | Vinš, Marek |
Thesis language: | English |
Abstract: | The current thesis aimed to investigate whether the consumer behavior of millennials living in the Czech Republic was affected by the COVID-19 pandemic and the 2022 energy crisis. A qualitative approach, specifically the thematic analysis, and in-depth interviews were chosen to explore and reveal changes in behavior. The findings of the study showed a clear shift from physical to online stores as a result of the anti-pandemic measures and a decline in consumption due to the reduction of the disposable income at the beginning of the pandemic. After the lockdowns and restrictions were lifted, the consumption recovered, as the use of services such as restaurants and bars increased. The 2022 energy crisis caused a consistent rise in inflation, and prices of goods and utilities increased, while consumption dropped again. Overall, the findings of this research revealed that the impact of these crises on the economy affected millennials’ decision-making, and thus consumer habits. Subsequently, recommendations to businesses to cope with this kind of scenarios were provided. |
Keywords: | Consumer behavior; COVID-19; Energy crisis; Millennials; Czech Republic |
Thesis title: | Consumer behavior of Millennials in Czech Republic when facing multiple crises: experiences from the COVID-19 pandemic and the 2022 energy crisis |
---|---|
Author: | Rodriguez Esponda, Franco Eduardo |
Thesis type: | Diplomová práce |
Supervisor: | Kottika, Efthymia |
Opponents: | Vinš, Marek |
Thesis language: | English |
Abstract: | The current thesis aimed to investigate whether the consumer behavior of millennials living in the Czech Republic was affected by the COVID-19 pandemic and the 2022 energy crisis. A qualitative approach, specifically the thematic analysis, and in-depth interviews were chosen to explore and reveal changes in behavior. The findings of the study showed a clear shift from physical to online stores as a result of the anti-pandemic measures and a decline in consumption due to the reduction of the disposable income at the beginning of the pandemic. After the lockdowns and restrictions were lifted, the consumption recovered, as the use of services such as restaurants and bars increased. The 2022 energy crisis caused a consistent rise in inflation, and prices of goods and utilities increased, while consumption dropped again. Overall, the findings of this research revealed that the impact of these crises on the economy affected millennials’ decision-making, and thus consumer habits. Subsequently, recommendations to businesses to cope with this kind of scenarios were provided. |
Keywords: | Energy crisis; Czech Republic; Consumer behavior; Millennials; COVID-19 |
Information about study
Study programme: | Management |
---|---|
Type of study programme: | Magisterský studijní program |
Assigned degree: | Ing. |
Institutions assigning academic degree: | Vysoká škola ekonomická v Praze |
Faculty: | Faculty of Business Administration |
Department: | Department of Marketing |
Information on submission and defense
Date of assignment: | 30. 5. 2022 |
---|---|
Date of submission: | 13. 12. 2022 |
Date of defense: | 1. 2. 2023 |
Identifier in the InSIS system: | https://insis.vse.cz/zp/80790/podrobnosti |