IMPACT OF COVID 19 ON BUYING BEHAVIOUR AND PURCHASE DECISION-MAKING: AN EMPIRICAL ANALYSIS
Keywords:
Buying Behaviour, Purchase Decision-MakingAbstract
COVID 19 has changed the world. The way we do business, the way we study, the way we socialise, the way we travel, everything has changed. Several countries across the globe experienced lockdowns. The lockdown has forced people to stay indoors and be in survival mode. With no flights, salons, restaurants, hotels, transport, and even offices, the people were trapped in their homes. The home has been converted into a workplace, school as well as a playground. Several businesses have suffered losses and even faced shutdowns and on the other hand, COVID-19 has acted as a window of opportunity for many new products and services. Consumers are hence forced to change their purchase patterns. The grocery bill for most households has doubled during the lockdown. Dining out and travel has decreased. Generation Z is devoting the budget to education as they want to upgrade their skills and prepare themselves for the challenges that the post-COVID world will pose. OTT platforms have seen a surge in viewership as people are exploring all sorts of media to relax and rejuvenate in their homes. Groceries, automobiles, electronic gadgets, kitchen appliances, apparel, insurance, and financial investments are the major components of household spending. In this paper, we have explored the major components of household buying and how COVID-19 has impacted them. The study is based on inputs from a primary survey and existing reports and information. The primary survey helps us to understand the changes in household buying patterns, purchase decision-making, and gender roles. We have collected primary data using an online survey as face-to-face interaction was difficult due to the COVID-19 pandemic. The changes in household buying may become permanent changes or might fade away. Understanding this difference is crucial for marketers to formulate long-term strategies for their products and services. This study will provide insights and help marketers to understand the changing buying behaviour and purchase-decision making in households.
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