Please use this identifier to cite or link to this item: http://hdl.handle.net/1946/25581
The objective of this study was to explore the impact economic crisis have on buying
behavior and consumer attitudes. Consumers’ attitude toward shopping and brand switching were compared from four points of reference where changes occurred in the economic environment. Two points of reference were before the 2008 global economic crisis and two points of reference after the 2008 global economic crisis. The sample of the research consisted of Icelandic individuals, 18 years old and older. Consumers’ self- reported attitudes toward statements related to attitude toward shopping and brand switching were extracted from the Target Group Index conducted by the research firm Gallup and compared using one-way between groups analysis of variance to reveal if there was a statistically significant difference in consumers’ attitudes between the four years analyzed. The results show that Icelandic consumers’ attitude toward shopping and brand switching are somewhat influenced by the economic environment, which is consistent with findings in previous studies conducted in other countries. The results also show that when the economy recovers, Icelandic consumers stick to some of the changes they made during the recession while they return to other pre-recession attitudes and behaviors. Icelandic consumers were also found to make new changes to their behavior and attitudes in the economic recovery.
Keywords: buying behavior, consumer attitudes, economic crisis, recession, marketing