Open AccessDeterminants of Consumer Behaviour in the COVID-19 Pandemic
Author(s) -
Nelya Mykytenko,
Yuliia Biliavska
Publication year - 2021
Publication title -
problemi ekonomìki
Language(s) - English
Resource type - Journals
eISSN - 2311-1186
pISSN - 2222-0712
DOI - 10.32983/2222-0712-2021-3-175-184
Subject(s) - pandemic , consumption (sociology) , consumer behaviour , purchasing , goods and services , marketing , covid-19 , business , feeling , consumer spending , purchasing power , recession , focus group , product (mathematics) , economics , advertising , psychology , sociology , medicine , social psychology , disease , market economy , social science , pathology , infectious disease (medical specialty) , keynesian economics , geometry , mathematics
The article is aimed at identifying typical determinants of consumer behaviour amidst the COVID-19 pandemic, and identifying current consumer trends and priorities in purchasing goods. An attempt is made to identify the main changes in the behaviour of modern consumers and the extent of changes in their preferences for buying goods. Consumer behaviour is defined as a complex socio-economic and, generally, interdisciplinary phenomenon accumulating a whole range of determinants. The authors have identified key factors determining consumer behaviour in the COVID-19 pandemic. It is confirmed that the current pandemic and the associated economic recession affect consumers’ sensitivity to the economic factor, stratifying them into four groups: vulnerable, conservative, optimistic and forced ascetics. The appearance of digital consumer, a new model of the buyer, is substantiated. A trend to significantly increase the volume of the consumer basket in 2020, and reduce the frequency of purchases with a focus on meeting primary human needs is revealed. New trends in consumer behaviour are identified: the focus on home cooking and eating at home, healthy lifestyle, protecting health, and feeling safe and secure. Particular attention is paid to reviewing product categories preferred by the modern consumer. Deterioration of the consumers’ psychological stability and increase in the level of tension and conflict in the course of service in outlets is proved. A summary of the features of the consumer sentiment evolution is made by the stages of the COVID-19 pandemic global development. The opportunities opened by the pandemic for the modern consumer and the process of consumption, in general are substantiated.