Financial Behaviour of Users of Solomo Platforms during the COVID-19 Pandemic

Abstract

Research background: COVID-19 has changed the world and the coronavirus crisis has influenced not only undertakings, but also consumers. There is no doubt that this outbreak has reflected on various economic indexes - economic downturn, higher unemployment rate or governments obliged to flexibly face the crisis and trying to tackle the situation. Financial market indicators or financial statements forecast either a certain stagnation or even a dramatic slump. A consumer has thus become the centre of attention because they are expected to have already adapted a certain form of financial behaviour. Behavioural economics is linked to specific methods and indicators that need to be used for evaluating consumers’ current financial situation. At the same time, it is important to place emphasis on world globalisation connected with online world and mobile devices. We must admit that mobile consumers are permanently surrounded by social media and customised location modules. Purpose of the article: The purpose of this article is to study the state of financial behaviour in the domestic environment and e-commerce potential under the most severe COVID-19 preventive measures while comparing the findings with other countries. Methods: In the quantitative research, comparing the results and searching for correlations between the domestic research sample and the selected EU countries, USA and Asia and individual financial situation and indebtedness of households. The qualitative part of the research consists of theoretical background and secondary sources. Findings & Value added: Defining financial behaviour will help corporations get adapted to the current situation. The conclusions we have obtained from our findings can be applied across various business segments.