Impacts of Pandemic on Consumer Behavior (Essay Sample)

IMPACT OF PANDEMICS ON CONSUMER BEHAVIOR
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A pandemic is a disease outbreak that spreads in more than one country globally and affects many people. Currently, the world is battling Covid-19, which is a respiratory disease caused by coronavirus. During pandemics like Covid-19, the world responds by putting containment measures such as lockdowns and social distancing to contain the spread to a larger population. These restriction actions affect consumer habits to a large extent. In a proactive move and to adjust to the new normal, consumers shift focus to buying health management products and hoarding essential goods such as food and toiletries in anticipation of a lockdown and a possible shortage of these commodities.[. Samuli Laato, AKM Najmul Islam, Ali Farooq, and Amandeep Dhir. "Unusual purchasing behavior during the early stages of the COVID-19 pandemic: The stimulus-organism-response approach." Journal of Retailing and Consumer Services 57 (2020)., 1-2.]
After the onset of a pandemic such as Covid-19, consumers develop new habits due to the containment measures. Firstly, due to the pandemic, an economic crisis occurs resulting from the depreciation of many countries' national currencies compared to global currencies such as the dollar and euro. This devaluation affects bank lending rates and reduces the purchasing power of consumers. As a result, consumers shift priorities to purchasing protective products such as vitamins to boost immunity and general health. Moreover, the reduction of disposable income forces consumers to focus on buying health management supplements instead of other luxury household products.[. Laato, 2.]