Consumer attitudes and behavior related to the adoption of euro before the changeover

Abstract

PurposeThe aim of this paper is to enhance the understanding of the consumer attitudes and behaviour towards a new currency, euro, before the process of the changeover. The approach of the current study differs from most past research on the same topic as consumer attitudes are surveyed before the currency changeover, not retrospectively based on consumer recall. The research attempts to achieve the following set of objectives: to identify the general consumer attitudes towards euro and pinpoint sources of tension, resistance and uncertainty before the currency changeover process; to identify the pre‐adoption assessment of euro value scales and inflation expectations; and to identify various emotional factors related to the national and European identity in the euro adoption process.Design/methodology/approachThe data analysis of the current research adopts a qualitative methodology. To gather a full insight into the pre‐changeover attitudes, opinions, fears and hopes, a total of 29 qualitative interviews were conducted.FindingsThe results suggest that consumer attitudes and opinions towards the changeover process are multifaceted and concerns and uncertainties rise from various sources – from rational economic aspects to emotional aspects related to national identity. This research points also to the underestimated role of national pride in the process of transfer from the national currency to euro.Research limitations/implicationsThe study is one of the first attempts to research consumers before a forthcoming changeover; thus it is exploratory in its nature and has the traditional limitations of an exploratory research. Based on the initial findings, it would be possible to design a quantitative research for the subsequent countries adopting euro.Practical implicationsThe research identifies the attitudes of consumers before the changeover, outlining their doubts, fears and prejudices. The results can be used by subsequent countries adopting euro while planning their changeover strategies. The efforts of the strategy developers should be directed towards addressing the real challenges people face before the changeover.Originality/valueA distinctive contribution of this study lies in the addressing of the pre‐changeover attitudes and opinions before the currency change took place. Although there have been surveys asking respondents to recall their pre‐changeover opinions, the accuracy of the respondents' memory over time has decreased, which is why such surveys may not give a valid picture. This paper contributes to the understanding of the pre‐adoption phase in a currency changeover process as seen from the point of view of consumers.