The effects of Coronavirus on Hungarian businesses

Adonyi Adria Dorina (2021) The effects of Coronavirus on Hungarian businesses. Faculty of Commerce, Catering and Tourism.

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Abstract

The coronavirus and its economic effects have been dominating the world for a year now. Countries have closed their borders, shops and restaurants have closed, businesses have gone bankrupt and people have lost their jobs. The vast majority of Hungarian businesses - more than 98% - belong to the small and medium-sized enterprise sector. They have been hit hardest by the crisis, but clever entrepreneurs have been able to grow through innovation and even enter new markets. Not all businesses have felt the same impact from the government's restrictive measures. There are those affected by the store closures, but there are some corporate sectors that have only been indirectly affected. The entrepreneurs who felt the impact of the pandemic most were those who had no financial reserves and could not respond quickly enough to the "innovation pressure" imposed on them.  Many were forced to go home-office but not all businesses could provide the infrastructure needed to work from home. However, the pandemic has not only affected businesses and workers but also consumers. Shopping habits have changed. The number of online orders has increased. Campaigns to reduce the use of cash and promote contactless payments have been successful and, according to a study by the Hungarian National Bank, the number of credit card and transfer payments dominated last year. However, not only did consumer habits change in terms of payment and order, the precarious situation led people to panic purchases, mainly for flour and toilet paper products, but also to build up reserves in anticipation of a possible drop in revenue. The EU's Consumer Behaviour Survey shows that people in all nations were united in believing that it was not yet time to spend heavily. Based on the above, the thesis seeks answers to the questions: How a business can be profitable even during a pandemic? What are the most important changes in the business world and customer habits? How have companies been affected by government regulations, the lack of certain products, and changed customer habits? What innovations have been introduced?   keywords: SME, consumer behaviour, outcome, impact, business

Institution

Budapest Business University

Kar

Faculty of Commerce, Catering and Tourism

Department

Kereskedelem Tanszék

Tudományterület/tudományág

UNSPECIFIED

Szak

Kereskedelem és marketing

Supervisors

Konzulens neveKonzulens típusaAssignment, Scientific qualification, InstitutionEmail
Dr. Neszmélyi György IvánBelsőfőiskolai tanár; Kereskedelem Tanszék; KVIKNeszmelyi.Gyorgy@uni-bge.hu

Item Type: Thesis (UNSPECIFIED)
Uncontrolled Keywords: 21st Century, economic crisis, family businesses, interviews, pandemic, SMEs
SWORD Depositor: Archive User
Depositing User: Archive User
Date Deposited: 2022. Mar. 22. 08:18
Last Modified: 2022. Mar. 22. 08:18

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