Impact of Pandemic on Consumer Behaviors (Research Paper Sample)
This task required an explanation of the Impact of Pandemics on Consumer’s Behaviors.
Impact of Pandemics on Consumer’s Behaviors
Pandemics often cause significant adverse effects on health, security, economies, and other sectors worldwide. However, the economic sector suffers the most due to reduced employment, low incomes, and disruptions across service and manufacturing industries. As the other sectors of the economy face disruptions, the production and distribution of different goods change significantly. This situation forces the economy to reduce or completely collapse in some cases. When faced with such tough economic times, consumers are usually forced to change their behaviors in various ways to survive.
Notably, consumers often engage in panic buying during pandemics. This situation forces consumers to purchase goods in large amounts in very short periods. Research shows that this behavior is expected during the initial stages of pandemics but reduces as the severity of the situation falls. The behavior is typical during the initial stages because of the measures used to curb the impacts of pandemics (Kurt, 2021). As pandemics set in, governments usually impose lockdowns, reducing social interactions and slowing various economic activities. In the process, manufacturers begin to produce less while the already available goods face impending price increments. In response, consumers hurry to buy essential goods in large amounts to avoid expenses when prices of goods increase and shortages arise due to various reasons.
Consumers also usually vary their consumption patterns during pandemics. Consumers tend to choose what items to buy during such times because many people face hardships resulting from reduced working hours and low pay. With low pay and a seemingly increased dependency on savings for low-income earners, many are forced to buy essential goods only (Kurt, 2021). At the same time, individuals develop the habit of comparing different brands before buying to ensure that they get the highest value for the little money they have. This forces individuals to purchase cheaper products more often.
Lastly, consumers tend to lower their consumption rates significantly. Pandemics make it difficult for all areas of the economy to perform as usual. Due to lockdowns, reduced manufacturing, and other measures to control pandemics, there is usually reduced production (Antràs et al., 2020). This situation forces people to consume everyday goods moderat
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