Consumption adjustments of Turkish consumers during the global financial crisis

Abstract

The impacts of the global financial crisis, which started in 2007 and affected both developed and developing countries, were felt in not only banking and finance sectors but also people’s way of living and consumption. The purpose of this paper is to reveal the impacts of the global financial crisis on Turkish consumers and compare these effects with respect to demographic factors. According to the findings, 35 consumption adjustment statements are grouped under seven dimensions: Cautious spending, simplicity in purchase and distribution, product adjustments, quest for low price, financial anxiety, promotion adjustments, and awareness. The ANOVA and t-test results demonstrate that 436 respondents made adjustments in these dimensions with significant differences regarding their gender, age, marital status, occupation, and income.