Covid-19 Impact on Consumer Behavior
Abstract
Some characteristics of human conduct are irreversible when pushed in various directions by terrible circumstances. The COVID-19 problem is not a typical crisis, and numerous measures, including complete and then partial closure, were attempted to control the development of this virus. Since all aspects of the economy are tightly intertwined with public health measures and lockdowns, this resulted in financial fluctuation and a possible shift in market kinetics. In any market, buyers are the crucial factor behind market competition, expansion, and economic cohesion. As a result of economic uncertainty, consumers are also undergoing a transition in their behavior, but it is uncertain how much of this transformation will endure. This article examines consumer behavior during the COVID-19 epidemic and the ensuing lockdown, which lasted more than a quarter of a year and brought the world to a standstill. In addition, the study attempts to navigate the labyrinth of existing literature on consumer behavior in usual and downturn times supports it with the fast evaluations abstracted by the various consulting organizations during the lockdown phase, and justifies it with first-hand accounts and retellings of
experiences by consumers and marketing professionals to propose a hypothesis of the pandemic causing a fundamental change from continuity to discontinuity. To build new models of consumer behavior, it would be interesting to investigate the correlations between this forced customer behavior and other variables such as learning from a crisis, changing demands, individuality, nationality, culture, new market segment, and age. In the post-Covid-19 phase, the research indicates that firms still have numerous options to return to normal operations. Particularly important for businesses is the element of altering
consumer behavior; when the pandemic in the world has subsided, firms must adopt a new sales mindset. There is a difference between pre-and post-covid customer purchasing behavior.
Authors
Megha Khandelwal, Rishabh Kumar Singh, Nikhil Pandey