IMPLICATIONS OF COVID-19 ON CONSUMER BUYING BEHAVIOR

ABSTRACT

As a worldwide pandemic, the COVID-19 crisis is profoundly affecting the development of the world economy as countries have taken measures like restricting travel and enforcing lockdown. This pandemic has engulfed the world with fear, anxiety, and is anticipated to lead to a significant degree of mental health emergency across the globe. Due to this change in consumer sentiment, it is important to study how this pandemic has influenced Consumer Behavior. This study was done through primary research. An online questionnaire was floated, and 157 respondents were chosen to fill the questionnaire by using Convenience Sampling. The survey was designed to gauge implications of Covid-19 on change in consumer buying behavior. The findings show that there exists a relationship between likelihood of consumer spending on products/services and fear due to Covid-19. There exists no relationship between age and the likelihood of spending across different product categories. All age groups are behaving similarly in adopting low touch/digital activities and intent in spending across different product categories. The survey highlights that the consumers are likely to increase spending time or usage on services and activities like OTT platforms, Social Media, Grocery Delivery Apps, Buying online and opting for home delivery, Videoconferencing Apps, online platforms for e-learning, Exercise/Wellness Apps and security protocols in shops like attendants using masks, gloves and barriers, social distancing, regular cleaning and sanitization of shops, no-contact purchasing and regular employee health checks are essential protocols that generate confidence in consumers about their safety when they visit a shop. This research will help the organizations by providing them insights towards the changing consumer behavior across different product categories and services which they can utilize to adjust to the new normal. © 2020 All Rights Reserved