Attitudes of young consumers in the face of inflation after the COVID-19 pandemic

Abstract

The main objective of the article is to answer the question: How do young consumers manage their money in a high inflation environment? The observed economic slowdown, inflation and the decline in the purchasing power of money create conditions in which a change in the ways people manage their finances can be expected. In order to understand this, research was conducted among students using an online survey and individual in-depth interviews. Combining a quantitative method (diagnostic survey) with qualitative field research made it possible not only to describe behaviour, but also to gain insight into the emotions and mindset of young consumers. Respondents admit that their shopping behaviour has changed due to inflation: they buy less, and look for the lowest prices or substitutes for their favourite products. Both their purchasing decisions and the way of managing the budget are characterised by rationality: awareness of one's own needs, monitoring the market offer, planning expenses, or taking advantage of price promotions using special applications. 'Saving' often appears in students' narratives, understood as behaviour aimed at maintaining financial liquidity or securing against unexpected events or the future purchasing of expensive goods. Rationality is also evident at the level of using items: using products as long as they are fit for use, repairing them, selling or giving away the things that are no longer needed. Respondents have a mostly positive attitude towards buying second-hand items. They perceive it as an action that is at the same time economically rational, ecological and socially responsible. It seems that the attitudes of rational money management, which have intensified due to inflation are, in the minds of young consumers, linked to the trend of responsible consumption.