Covid-19 is driving fear and greed in consumer behaviour and purchase pattern

Abstract

PurposeThis 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/approachThe 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.FindingsThe 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/implicationsPandemic 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 implicationsThe 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 implicationsConsumers 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/valueThe 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.

The Bridge at the End of the World: Linking Expat’s Pandemic Fatigue, Travel FOMO, Destination Crisis Marketing, and Vaxication for “Greatest of All Trips”

“…The SOR theory postulates that a stimulus event causes an emotional reaction, which subsequently induces a behavioral response. Furthermore, recent evidence has demonstrated that consumers' decision-making and purchasing behavior are significantly correlated to the extent of fear and greed emotions as a consequence of COVID-19 [21]. In a similar vein, Yan et al [53] validated the role of psychological or emotional state in determining the effect of a stimulus on consumer behavior of either selection or rejection.…”

“…Destination crisis marketing in an influential moderating mechanism can also be theoretically explained by the psychological reactance theory [54], which highlights the consumption behaviors and purchasing patterns in uncertain (e.g., COVID-19) conditions [21]. According to the psychological reactance theory, the consumers will continue their firstchoice behaviors if they feel the freedom of decision-making, whereas they will intend to do the opposite if they perceive threats to their freedom of choice [55].…”

“…FOMO has been explored in different domains of consumer behavior (e.g., educational activities and sporting events) [15][16][17][18][19][20]; however, the role of travel FOMO within the discrete and complex choices of tourism products and services remains largely unknown. In order to experience vaxication, travelers experiencing FOMO might be more willing to get vaccinated, as they are overly concerned with missing out on a travel opportunity just because of non-vaccination [21].…”

Global Perspective of Consumer Behaviour During Covid-19

“…People started to store essential products like pasta, noodles, oil, sugar, flour, napkins, toilet paper, surgical mask, yeast etc. Due to the anxiety of unobtainability (Satish, Venkatesh, & Manivannan, 2021) of such products people has formed a habit of buying extra amount of food and drinks that they don't even need that much. To some extent this has created shortage of some daily essentials in the market with substantial price hike of regular commodities.…”

Analyzing Academic Discourse Evolution on Consumer Behavior and COVID-19 Using Topic Modeling

“…Some other reviews warn us about the general patterns that consumers have been producing since the covid-19 pandemic began. These include attitudes and habits such as spending or purchasing patterns (Di Crosta et al, 2021;Satish et al, 2021).…”