Covid-19 is driving fear and greed in consumer behaviour and purchase pattern
| Autor: | Kavya Satish, Abhishek Venkatesh, Anand Shankar Raja Manivannan |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: | |
| Zdroj: | South Asian Journal of Marketing, Vol 2, Iss 2, Pp 113-129 (2021) |
| Druh dokumentu: | article |
| ISSN: | 2719-2377 2738-2486 |
| DOI: | 10.1108/SAJM-03-2021-0028/full/pdf?title=covid-19-is-driving-fear-and-greed-in-consumer-behaviour-and-purchase-pattern |
| Popis: | Purpose – This research aims to study the recent changes in consumer behaviour and purchase pattern during the Covid-19 pandemic. Covid-19 pandemic has forced consumers to stockpile, which has its own consequences. The article proposes the importance of “minimalism in consumption” to avoid greed in consumer behaviour. Design/methodology/approach – The data are collected from consumers across India using an online survey during the first lockdown from March 2020 to May 2020. A simple random sampling technique is used for data collection, and the collected data are analysed using SPSS version 26. Findings – The study states that there will be a shift in the purchase pattern of the consumers if lockdowns are imposed in the future or during any other crisis. However, at present, consumers have developed a stockpiling mentality fearing the unavailability of essentials. Research limitations/implications – Pandemic has stimulated a drastic change in consumer behaviour, which is a situational effect. Each crisis affects consumer behaviour in a different way. In this research, we have considered only fear, greed and anxiety in the light of Covid-19. On the other hand, the research intends to draw realistic conclusions based on consumers' experiences during the lockdown. Practical implications – The study proposes solutions that will help marketers frame exclusive strategies for a future crisis. Analysing the change in consumer behaviour and the shift in purchase patterns will emphasize the importance of market research to know consumer expectations during a crisis situation in order to cater to their new demands. Social implications – Consumers who stockpile should realize the unavailability of goods to other consumers who are in need. They also have to understand the importance of “minimalism in consumption” during a crisis. Originality/value – The data are collected during the most taxing crisis, the Covid-19 pandemic. Data are collected at the peak time of the first wave of Covid-19 in India, during a major shift in consumers' behaviour and purchase pattern. The article brings to the larger consciousness and also preaches a life lesson to all consumers to execute their responsibilities in consumption without over-demands and expectations. |
| Databáze: | Directory of Open Access Journals |
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