Features of Marketing Tools Application to Irrational Consumer Behavior during Social Upheavals

Abstract

The paper explores the psychological and economic aspects of changing consumer behavior towards irrationality, as well as the emergence of new consumer habits during the pandemic of new coronavirus infection. A literary review of approaches to irrational consumer behavior against the backdrop of global social upheavals has been carried out. The reasons for uncertainty, fear, anxiety, and panic, when the disease is common, have been described. The influence of these emotions on impulsive purchases has been outlined and the reasons for the ineffectiveness of such actions from the standpoint of macro- and microeconomics have been explained. The authors refer to Daniel Goleman's theory of social intelligence as the most suitable for explaining the current trends in digital marketing and the prevalence of the unconscious factor in the shopping process. The authors provide examples of the no-failure operation of the loss aversion theory and, as a result, examples of the explosive growth in sales of certain groups of goods during the pandemic. The essence of the emerging global market for Industry 4.0, shaping the needs in the digital world, and the place of transnational corporations in these processes have been found based on the ideas of Greg Thane and John Bradley about modern store wars. The participants of this market and the depth of their influence on the positioning of a company and its profit have been assessed. The role of Big Data in the formation of consumer motives and behavior habits has been also assessed. The authors provide a step-by-step analysis of the consumers’ reaction to the transformation of the way society functions regarding the introduction of mass restrictions (before the restrictions, during, and after their removal). The paper describes the increasing volatility of the markets and the characteristics of the behavior of sellers and buyers there, behavioristic tendencies influencing the supply and demand trends. The author's view of the post-COVID-19 world of global markets, resources, and new trends in their functioning, taking into account behavioral economics and social intelligence, is presented.