Economics: Modern Consumer Psychology and Its Impact on Global Economics

Sofiia Krasnobay

Bachelor's thesis

Abstract:

This paper addresses the problem of the psychology of consumption of modern consumer, factors influencing decision-making, and mediating effects of changes in behavioral patterns on the organization and ways of doing business of firms, on their marketing strategy, and the overall economic space. The task of the study is to identify the consumption peculiarities of the representatives of postmodern society, in particular Generation Z, and analyze the possibilities of practical application of the obtained information. Also, a special task is to trace possible regularities in the psychology of consumption and nationality of the participants of the practical research and subsequently to put forward more generalized assumptions on this topic. The practical part of the research was based on an anonymous survey of a group of representatives of the Z Generation, which includes many nationalities. The important conclusions of the whole research were the findings and confirmations about the inalienability of the virtual world in the life of modern man, the complexity of social, interpersonal, and personal relationships, the change in the value system, and the concept of practicality, utility, and rationality in the aspect of consumption. From the economic point of view, a change in the formation of business processes, re-structuring of the customer funnel, and possible new strategies to influence the increase in demand through improved marketing strategies were discovered.

Keywords

consumption, psychology, social media, modernisation, consumer behaviour, globalisation, postmodern consumer, influence, advertisement, Generation Z

Language used: English

Date on which the thesis was submitted / produced: 2. 12. 2023

Thesis defence

• Date of defence: 7. 2. 2024
• Supervisor: Jared Daniel Jacques
• Reader: Michaela Peroutková, Ph.D.

Czech University of Life Sciences Prague

Faculty of Economics and Management

Bachelor programme:
Business Administration