THE FACTORS CAUSING CONSUMER BEHAVIOR: ASYMMETRIC CAUSALITY AND CLUSTER ANALYSIS FOR EU COUNTRIES THROUGH CONSUMER CONFIDENCE INDEX

Özgür Engeloğlu; Funda Yurdakul

Makale detayları

THE FACTORS CAUSING CONSUMER BEHAVIOR: ASYMMETRIC CAUSALITY AND CLUSTER ANALYSIS FOR EU COUNTRIES THROUGH CONSUMER CONFIDENCE INDEX

Yazarlar:

Özgür Engeloğlu | Funda Yurdakul

Yayıncı:

Ege University

Ana Başlıklar:

Ekonomi

Dergi:

Ege Akademik Bakış Dergisi Vol.25 Issue 1, pp.21-42

Belge Tipi:

Makale

Yayın Tarihi:

4/2025

Belge Dili:

İngilizce

Document ID (Org No.):

2001339199

pISSN:

1303-099X

Anahtar kelimeler:

Özet:

 The main purpose of this study is to determine the factors affecting consumer behavior for 27 European Union EU countries and to analyze which country consumers have similar behavior patterns. The dataset covers the period from 2012M01 to 2019M12. First, we used asymmetric causality tests to examine the relationships between consumer confidence index and the variables that influence it. Asymmetric causality tests consider the effect of asymmetric information, assuming that the response of units to positive and negative shocks may differ. In this way, it may occur some confidential information that cannot be detected in symmetric tests, through the asymmetric tests. Second, we applied the cluster analysis to outputs of asymmetric causality tests. We found that the indicator that has the most impact on consumer confidence index is stock market indices. Also, unemployment rate, consumer price index, and election periods are influencing consumer confidence index significantly. As a result of the cluster analysis, we detected the existence of five different country groups. Some of these groups included countries with similar geographical conditions and similar cultures.

 The main purpose of this study is to determine the factors affecting consumer behavior for 27 European Union EU countries and to analyze which country consumers have similar behavior patterns. The dataset covers the period from 2012M01 to 2019M12. First, we used asymmetric causality tests to examine the relationships between consumer confidence index and the variables that influence it. Asymmetric causality tests consider the effect of asymmetric information, assuming that the response of units to positive and negative shocks may differ. In this way, it may occur some confidential information that cannot be detected in symmetric tests, through the asymmetric tests. Second, we applied the cluster analysis to outputs of asymmetric causality tests. We found that the indicator that has the most impact on consumer confidence index is stock market indices. Also, unemployment rate, consumer price index, and election periods are influencing consumer confidence index significantly. As a result of the cluster analysis, we detected the existence of five different country groups. Some of these groups included countries with similar geographical conditions and similar cultures.

 The main purpose of this study is to determine the factors affecting consumer behavior for 27 European Union EU countries and to analyze which country consumers have similar behavior patterns. The dataset covers the period from 2012M01 to 2019M12. First, we used asymmetric causality tests to examine the relationships between consumer confidence index and the variables that influence it. Asymmetric causality tests consider the effect of asymmetric information, assuming that the response of units to positive and negative shocks may differ. In this way, it may occur some confidential information that cannot be detected in symmetric tests, through the asymmetric tests. Second, we applied the cluster analysis to outputs of asymmetric causality tests. We found that the indicator that has the most impact on consumer confidence index is stock market indices. Also, unemployment rate, consumer price index, and election periods are influencing consumer confidence index significantly. As a result of the cluster analysis, we detected the existence of five different country groups. Some of these groups included countries with similar geographical conditions and similar cultures.

 The main purpose of this study is to determine the factors affecting consumer behavior for 27 European Union EU countries and to analyze which country consumers have similar behavior patterns. The dataset covers the period from 2012M01 to 2019M12. First, we used asymmetric causality tests to examine the relationships between consumer confidence index and the variables that influence it. Asymmetric causality tests consider the effect of asymmetric information, assuming that the response of units to positive and negative shocks may differ. In this way, it may occur some confidential information that cannot be detected in symmetric tests, through the asymmetric tests. Second, we applied the cluster analysis to outputs of asymmetric causality tests. We found that the indicator that has the most impact on consumer confidence index is stock market indices. Also, unemployment rate, consumer price index, and election periods are influencing consumer confidence index significantly. As a result of the cluster analysis, we detected the existence of five different country groups. Some of these groups included countries with similar geographical conditions and similar cultures.

Makale detayları

THE FACTORS CAUSING CONSUMER BEHAVIOR: ASYMMETRIC CAUSALITY AND CLUSTER ANALYSIS FOR EU COUNTRIES THROUGH CONSUMER CONFIDENCE INDEX

Yazarlar:

Özgür Engeloğlu | Funda Yurdakul

Yayıncı:

Ege University

Ana Başlıklar:

Ekonomi

Dergi:

Ege Akademik Bakış Dergisi Vol.25 Issue 1, pp.21-42

Belge Tipi:

Makale

Yayın Tarihi:

4/2025

Belge Dili:

İngilizce

Document ID (Org No.):

2001339199

pISSN:

1303-099X

Consumer Confidence Index

Economic Indicators

Asymmetrical Causality Analysis

Cluster Analysis

EU CountiesConsumer Confidence Index

Economic Indicators

Asymmetrical Causality Analysis

Cluster Analysis

EU Counties

Sayı

Makale detayları

Yazarlar: Özgür Engeloğlu | Funda Yurdakul

Yayıncı: Ege University

Ana Başlıklar: Ekonomi

Dergi: Ege Akademik Bakış Dergisi Vol.25 Issue 1, pp.21-42

Belge Tipi: Makale

Yayın Tarihi: 4/2025

Belge Dili: İngilizce

Document ID (Org No.): 2001339199

pISSN: 1303-099X

Sayı

Yazarlar:

Özgür Engeloğlu | Funda Yurdakul

Yayıncı:

Ege University

Ana Başlıklar:

Ekonomi

Dergi:

Ege Akademik Bakış Dergisi Vol.25 Issue 1, pp.21-42

Belge Tipi:

Makale

Yayın Tarihi:

4/2025

Belge Dili:

İngilizce

Document ID (Org No.):

2001339199

pISSN:

1303-099X