COVID-19 induced Changes in Consumer Behavior

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.