Economic Changes and Their Impact on Consumer Behaviour: An Empirical Study in the Recent Economic Scenario

Abstract

Changes in the economy have influenced many areas of the life of the consumer. It also determines the behavior of consumers consumer-related to product consumption and purchasing. Consumers have reported different modifications in behavior related to their shopping behavior, particularly in the last few years, when the economic situation has undergone remarkable changes worldwide. As a recession time, consumers change their buying behavior and decrease or limit their purchasing due to financial issues. They focus on particular products that they find essential for survival. Due to the adverse economic environment, consumers constantly cut down their expenses until they feel stable regarding their finances. Changes in the economy determine consumers to change their extravagant lifestyle to a restrained one or vice versa by making expenses and buying patterns. This research paper examines changes in consumer behavior that occurred due to economic changes.