Understanding Consumer Buying Behavior Amid Corona Virus
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The pandemic declared COVID-19 came with an offset of smacking down the global economy. Well, with everything being shut-down and isolated, the roads are open only for the people to buy essentials for their daily-usage.
But, is the population understanding all this?
Are there any changes to be seen in consumer buying behavior?
Isn’t everyone just panicking and emptying stores without being considerate at .01%?
It is all very much of a stressed-out situation with positive and effected cases rising every day and taking a toll on the whole population of the earth. Yes, the earth.
It is a serious and critical time for everyone, where doctors, nurses, bankers, grocery store owners, etc. are putting themselves and their family’s lives and health on stake to help the greater population to go through this pandemic.
When everything has been affected and shut down, the mere fact of getting everything of use and need is making a huge change in the consumer’s behavior.
Understanding consumer behavior during COVID-19
With store closures and customers isolating themselves in their homes for a period of a month and more, the consumer awareness for the matter is somewhere lost. The markets and stores look like they have been looted.
The surveys conducted by the market research companies have deduced that even before the shutdown, the knowledge of Corona Virus brought the consumer awareness of cleaning and staying healthy. This, however, resulted in the sales of the items related to cleanliness, the sales of sanitizers and masks hiked at such a level that all the stores ran out of these items.
A recent study and research by Altagamma in association with Boston Consulting Group predicted that the corona Virus can bring down global luxury sales between 30 billion Euros to 40 billion Euros.
Major parts of the world ranging from China, Japan, Europe, and the USA are suffering from a major crisis along with many other Asian countries that have witnessed a shift in the consumer buying process. As one part of the consumer market is going high due to the demand for certain products, similarly, the other part of the consumer market is stooping very low.
Also Read: Knowing the factors of Consumer Buying Behavior
The shift of the consumer buying process is stuck on some particular products such as from being unwilling to using sanitizers and masks to buying them at the demanded cost. With everyone practicing social distancing people have adapted themselves to use the digital platforms at a great level.
Instead of going to stores and malls, people are preferring online shopping, instead of going out to eat people are ordering food online.
Not just this, students are now going digital for learning and studying, this new way of consumer buying has completely shifted the consumer buying process.
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Moreover, findings by the market research firms showed that 38 percent of people had made a situation-based purchase at the time of the first survey and 87 percent of the people had “stocked up” when making the purchase before lockdown.
The stocking up is the result of the panic-buying practiced by a major percentage of the population. People are dreading to get out of their houses and the number of visits online to the stores has reached such a level that has left the online grocery shopping websites to crash and shut down.
People are lined up outside the grocery shops from day time to the evening in order to stock up the items for a month. An uplift in the purchasing of the food items, soaps, and groceries has lifted the sale of this market sector.
Also Read: The Impact of Corona Virus on Global Economy & Healthcare
Market Analysis of the consumer buying behavior amid COVID-19
The data shows that the people are buying excessively and in the dread of being infected the major shopping is done online which is changing the customer buying process completely.
Market research firms found that a total of 46.1 percent of consumers are more likely to purchase fashion, clothing, and apparel online rather than in-store due to fear of the Corona Virus outbreak.
Concurrently, 64.65 percent reported being more likely to purchase personal-care products, such as cosmetics, online at this time.
The outbreak is affecting overall decision-making on quality affecting consumer buying behavior on a great level. According to Red Point’s data, 31 percent strongly agree and 27.9 percent of consumers somewhat agree that they are “currently more likely to make snap purchasing decisions when shopping online in fear of running out of those products”.