Crisis perception and consumption pattern during COVID-19: do demographic factors make differences?

Area of Science:

• Social Sciences
• Economics
• Consumer Behavior

Background:

• The COVID-19 pandemic has significantly altered global consumption patterns.
• Previous research established internal and external factors influencing consumer behavior.
• This study addresses the empirical gap by examining COVID-19's impact on consumer behavior, finances, and demographic variations in crisis perception.

Purpose of the Study:

• To investigate the influence of the COVID-19 crisis on consumer purchase behavior and financial situations.
• To explore variations in crisis perception and consumption patterns based on demographic factors.
• To provide insights for academicians, marketers, and decision-makers regarding consumer behavior in South Asia.

Main Methods:

• A structured questionnaire was administered to 340 respondents across Bangladesh, India, and Pakistan using convenience sampling.
• Data were collected on a 5-point Likert scale, with items sourced from relevant prior studies.
• Exploratory factor analysis and multivariate analysis of variance (MANOVA) were employed for data analysis.

Main Results:

• Exploratory factor analysis identified seven key factors, with two removed for low reliability. Mean values above 3.50 indicated high crisis perception and altered consumption patterns, except for individual financial situations.
• MANOVA revealed significant differences in factor scores across countries, gender, education, and income levels.
• Indian consumers exhibited higher concern and impact from COVID-19, followed by Pakistani and Bangladeshi consumers. Higher crisis perception correlated with greater behavioral changes.

Conclusions:

• Increased COVID-19 crisis perception directly correlates with significant shifts in consumer consumption patterns and financial status.
• Demographic variables significantly influence crisis perception and resulting behavioral changes.
• The findings offer valuable insights into consumer behavior dynamics in Bangladesh, India, and Pakistan during the pandemic.