Unwrapping the Consequences: Exploring Consumer Behavior during Norway's Economic Downturn and its Influence on Christmas Trade
Master thesis
Permanent lenke
https://hdl.handle.net/11250/3080925Utgivelsesdato
2023Metadata
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Sammendrag
Abstract
Purpose: The aim of the research is to see if the economic downturn has had an impact onChristmas trade. The downturn in question is the period in Norway following the start of thewar in Ukraine, which includes interest rate increases, increased electricity, food, and fuelprices, and overall increasing inflation from 2022 to the present. There is reason to believe thatthe high prices have had an impact on the Christmas trade in 2022. However, Christmasshopping is culturally important for many people, which may lead to people not altering theirbudgets even during an economic downturn.
Problem statement: Has the downturn affected Christmas gift spending?
Design/research methods/approach: A descriptive research design was used to investigatethe topic. Using a quantitative method, an anonymous online survey was conducted andpublished to social networking sites (SNSs). The answers were later analyzed in SPSS, throughunivariate (Spearman correlation coefficient) and multivariate (binomial logistic regression)tests that provided objective results.
Findings: One out of four hypotheses were supported. There was significant evidence that theChristmas spending was affected by the downturn but less affected than usual consumption.Significance was also shown in the relation between materialism and Christmas spendingadjustment to downturn, however, the relationship is positive which contradicted thehypothesis and was not expected. The remaining hypotheses that proposed the relationshipbetween reciprocation and altruism with Christmas spending adjustment to downturn did notshow significance in the binomial logistic regression.
Implications: Both the individual consumer and companies can use this research to gain abroader understanding of their own situation. It is important for consumers to understand howChristmas shopping can affect their financial state, especially during a downturn. Manycompanies are reliant on sales during Christmas, and for them it is crucial to know theirconsumers' behaviors. This is of high relevance for those who work with consumer protectionas well.
Keywords: Consumer behavior, downturn, Christmas, gift giving, reciprocation, altruism,materialism