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Irrational Consumption during the COVID-19 Period
Wenhuan Yu1, Lin He1,2, Xianhao Lin3
1School of Management, Zhejiang University, Hangzhou 310058, China.
Summary
The COVID-19 pandemic increased stress and worsened sleep, leading to more irrational consumer behavior. This study explores the pandemic's impact on well-being and purchasing decisions.
Area of Science:
- Psychology
- Behavioral Economics
- Public Health
Background:
- The COVID-19 pandemic significantly disrupted global economies and daily life.
- Increased stress and anxiety are common responses to major global crises.
- Understanding behavioral changes, particularly in consumption, is crucial during pandemics.
Purpose of the Study:
- To investigate the impact of the COVID-19 pandemic on individual well-being and consumer behavior.
- To examine the relationship between pandemic-induced stress, sleep quality, and irrational consumption.
- To provide preliminary evidence on the psychological effects of the pandemic on consumer decisions.
Main Methods:
- Conducted one pilot study and two online survey studies.
- Assessed perceived stress levels related to the pandemic.
- Measured sleep quality and patterns.
- Evaluated consumer behavior, focusing on irrational purchasing decisions.
Main Results:
- The COVID-19 pandemic was associated with increased perceived stress among individuals.
- Pandemic-related stress negatively impacted participants' sleep quality.
- Impaired sleep quality was found to drive an increase in irrational consumption behaviors.
- A preliminary link between the pandemic, stress, sleep, and irrational spending was established.
Conclusions:
- The COVID-19 pandemic has a tangible impact on psychological well-being, specifically stress and sleep.
- These psychological changes can directly influence consumer behavior, promoting irrational purchasing.
- This research contributes to understanding the broader societal and behavioral consequences of the pandemic.
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