For the past one- one and half year, the entire world has seen some unprecedented happenings. The onset and eventual spread of Covid-19 pandemic posed grave challenges to our conventional ways of functioning. To do damage controls, nearly all facades and activities of daily life had to switch to other alternatives. For some, the transition was smooth while for others, not so much.
Among the many things that changed due to impact of Covid-19 pandemic where how consumers bought and spent their money. Due to the lockdowns and shutdowns during the pandemic period, production and supply of several commodities was affected. In some cases, due to paranoia, consumers restricted spending as many people lost their jobs.
This research aimed at finding the peculiar aspects that govern consumer behavior in unforeseen situations such as the one we find ourselves in at this very moment. During the pandemic and the lockdown, a lot many things changed and some, permanently. This researched aimed at looking upon the consumer stimuli to these changes, with emphasis on hoarding, supply chain disruptions and panic buying.
The methodology for this research included a perusal of consumer spending trends in various commodity categories, analysis of people looking for alternatives to regular options due to shortages or paranoia and how the demand and supply equation in general changed due to consumer behavior. To substantiate our findings, the researchers also conducted a survey wherein a questionnaire touching upon the aforementioned themes was circulated.
Our research concluded that consumer behavior is bound to change when it encounters unforeseen situations, like the Covid-19 pandemic. The degree of change could vary, depending upon the severability of the danger that consumers perceive. Our analysis and data collection vide means of a survey attested to this fact and showed that while consumer stimuli is more or less inevitable, its impact can be soothed with appropriate actions.