A Study of Covid-19 Pandemic and its Impact on Consumer Behaviour

A Study of Covid-19 Pandemic and its Impact on Consumer Behaviour

Authors:

Utkarsh Jaiswal
Mouli Kochar
Arya Khamele
Faisal Jawed

Institution:

MBA students,
Universal AI University,
Mumbai, India

ABSTRACT

A significant wellspring of economic activity is consumers' purchases, which collapsed when the first wave of the pandemic swept across nations in mid-2020 (India's economy rate decelerated from 6.1% to –9.6%). Out of nowhere, consumers had to change their behavior, organizations had to change plans of action, and governments had to change guidelines. Similarly, as the coronavirus has influenced locales and people in incomprehensibly various manners, the monetary effect has likewise been exceptionally lopsided. Employees who were able to work from home have maintained their jobs and pay, amassing more savings while compelled to scale back spending from lockdowns, travel limitations, and wellbeing fears; others lost employment and income or had to shut down their businesses and have battled to cover the bills. Simultaneously, there is motivation to be positive for an effective recuperation in buyer spending once the COVID-19 virus is controlled because of their repressed interest and amassing savings. Understanding how that affects the buyer's behavior—an essential factor for worldwide financial recovery—is the research paper's focal point.

Keywords: Change in buying behavior, Consumer behavior, COVID-19 pandemic, Health.