TRENDS IN THE FORMATION OF HOUSEHOLD CONSUMER DEMAND IN MODERN CONDITIONS
Journal: International scientific journal "Internauka." Series: "Economic Sciences" (Vol.1, No. 80)Publication Date: 2023-12-31
Authors : Boida Svitlana;
Page : 13-17
Keywords : households; consumer demand; consumer spending; consumer expectations; socioeconomic instability;
Abstract
The article examines the peculiarities of household consumer behavior during the COVID‑19 pandemic, quarantine restrictions and Russian military aggression; analyzes the dynamics of the structure of household consumer spending in the prewar period and during the war; identifies the factors shaping consumer demand — those that existed before the war (household income and socio-economic development of the country in general, demographic, social and cultural factors, technology devel‑ opment) and those that emerged during the war (economic instability and uncertainty of the future). The methodological basis of the study is the methods of analysis and synthesis, induction and deduction, comparison and scientific generalization. The article outlines trends in household consumer behavior in the current conditions of socio-economic instability. Domestic consum‑ er demand of households has undergone significant structural changes since 2020. During the analyzed period, the Consumer Confidence Index never reached the value of 100, which confirms the negative dynamics of consumer sentiment in society. How‑ ever, after a significant decline in household demand at the beginning of the war, it is now recovering somewhat and is partially reviving. Positive consumer expectations are observed due to a slight increase in the Index of Expected Changes in Financial Standing and the expediency of making large purchases. The results of the study show that an increase in consumer demand can be an effective tool in the post-war recovery of the domestic economy, since: 1) it will lead to a corresponding increase in supply and production; 2) by creating a synergistic effect, it can launch a positive circle of economic growth; 3) it helps to reduce unemployment; 4) it has a positive impact on the financial stability of businesses; 5) it improves the quality of life of households.
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