Covid-19 is driving fear and greed in consumer behaviour and purchase pattern

Abstract

PurposeThis research aims to study the recent changes in consumer behaviour and purchase pattern during the Covid-19 pandemic. Covid-19 pandemic has forced consumers to stockpile, which has its own consequences. The article proposes the importance of “minimalism in consumption” to avoid greed in consumer behaviour.Design/methodology/approachThe data are collected from consumers across India using an online survey during the first lockdown from March 2020 to May 2020. A simple random sampling technique is used for data collection, and the collected data are analysed using SPSS version 26.FindingsThe study states that there will be a shift in the purchase pattern of the consumers if lockdowns are imposed in the future or during any other crisis. However, at present, consumers have developed a stockpiling mentality fearing the unavailability of essentials.Research limitations/implicationsPandemic has stimulated a drastic change in consumer behaviour, which is a situational effect. Each crisis affects consumer behaviour in a different way. In this research, we have considered only fear, greed and anxiety in the light of Covid-19. On the other hand, the research intends to draw realistic conclusions based on consumers' experiences during the lockdown.Practical implicationsThe study proposes solutions that will help marketers frame exclusive strategies for a future crisis. Analysing the change in consumer behaviour and the shift in purchase patterns will emphasize the importance of market research to know consumer expectations during a crisis situation in order to cater to their new demands.Social implicationsConsumers who stockpile should realize the unavailability of goods to other consumers who are in need. They also have to understand the importance of “minimalism in consumption” during a crisis.Originality/valueThe data are collected during the most taxing crisis, the Covid-19 pandemic. Data are collected at the peak time of the first wave of Covid-19 in India, during a major shift in consumers' behaviour and purchase pattern. The article brings to the larger consciousness and also preaches a life lesson to all consumers to execute their responsibilities in consumption without over-demands and expectations.