TITLE:
COVID-19 Induced Changes in Consumer Behavior
AUTHORS:
Michael Gerlich
KEYWORDS:
Consumer Behavior Changes, COVID-19, Economic Changes, Psychological Behavior
JOURNAL NAME:
Open Journal of Business and Management,
Vol.9 No.5,
September
18,
2021
ABSTRACT: Using literature
survey and analysis, this study assessed consumption behavior changes induced
by the COVID-19 pandemic and the possibility of retaining them after the
pandemic. Financial uncertainty and loss of welfare sources triggered saving
behaviors. Some people binged on media products offering anxiety-mitigating and
therapeutic benefits. While such behaviors could decrease once the virus is
eliminated and its stressors disappear, some routines could continue. Certain
values affecting the nature and frequency of consumption could also change,
thus increasing the speed of individual customers’ habit formation. To make
accurate long-term strategic decisions without suffering losses, the restaurant
sector and other businesses must adjust to new operational conditions by
analyzing changing revenues and possible lasting effects of changing consumer
behavior.