Consumer behavior of Millennials in Czech Republic when facing multiple crises: experiences from the COVID-19 pandemic and the 2022 energy crisis

Franco Eduardo Rodriguez Esponda

Master's thesis

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.

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

Keywords

Consumer behavior, COVID-19, Energy crisis, Millennials, Czech Republic

Language used: English

Date on which the thesis was submitted / produced: 13. 12. 2022

Thesis defence

• Date of defence: 1. 2. 2023
• Supervisor: Efthymia Kottika
• Reader: Marek Vinš

Vysoká škola ekonomická v Praze

Master programme:
Management