PR – Polish Consumers’ Reaction To Changes In Prices Of Food Products During The Financial Crisis
The issue of consumers’s reaction to changes in prices of food products is particularly important at the time of the global financial crisis. The research aimed at surveying the opinions of selected consumers and their reactions to changes in prices of food products during the financial crisis. The literature study reviewed the determinants of the financial crisis, identified its causes and effects, and also assessed changes in prices of food product in Poland over 2007-2012. From the literature it was evident that the global financial crisis was a result of many factors both microeconomic and macroeconomic, i.e. shortcomings of regulatory systems and the rapid growth of the consumption of households financed mainly by debt and the long-term persistence of (real) interest rates at a low level, which led to a rapid growth of credit and an increase in prices of many assets.
The questionnaire was conducted among 250 consumers comprising students of two selected universities in Poland and their families. 47% filled-in questionnaires were returned. Results of the analysis showed that during the financial crisis, the prices of most of food products have increased. In the opinion of the surveyed, in the previous 5 years the prices of the following food products increased the most: bread, meat, cold meat, sugar, fruit, and fish. On the other hand, the prices of the following food products dropped the most: water, potatoes and other vegetables.
Key words: consumers, prices of food products, financial crisis