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Summary Accounting for Business Studies, ISBN: 9781136431401 Science
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Chapter 8: Long-Term Assets
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Impact of Pandemics on Consumer BehaviorThe purpose of this research paper is to examine the impact of Covid-19 pandemic
on consumer behavior. Will the consumers permanently change their consumption
habits due to lockdown and social distancing or will they go back to their old
habits once the global crisis is over? Will there be new habits consumers will
acquire due to new regulations related to air travel, shopping at the shopping
centers and attending concerts and sports events? Will consumers find that going
to a store or attending an event in person is much of a hassle, and therefore, it is
better to let the store or the event come to home? To some extent, this has been
happening for quite some time in sports tournaments and entertainment by
broadcasting them on television and radio.
As mentioned before, all consumption and consumer behaviors are anchored to
time and location. Since World War II, more and more women have been working
resulting in reduction of discretionary time. It is estimated that today more than 75
percent for all women with children at home are working fulltime. This has
resulted in time shortage and time shift in family as well as personal consumption.
Monday through Fridays, no one is at home between 8am to 5 pm for service
technicians to do installations and maintenance of appliances as well as repairs of
broken heating and cooling systems. The supplier has to make appointments with
the household to ensure there will be someone at home to open the door.
There is also time shortage as the discretionary time of the homemaker is now
nondiscretionary due to her employment. This time shortage has resulted in
consumers ordering online and have products delivered at home. Similarly,
vacations are no longer two or three weeks at a time but are more mini vacations
organized around major holidays such as Easter, Christmas, Thanksgiving,
Memorial Day, and Labor Day extended weekends.
With lockdown and social distancing, consumers’ choice of the place to shop is
restricted. This has resulted in location constraint and location shortage. We have
mobility shift and mobility shortage. Working, schooling and shopping all have
shifted and localized at home. At the same time, there is more time flexibility as
consumers do not have to follow schedules planned for going to work or to school
or to shop or to consume.
Shortage of space at home is creating new dilemmas and conflicts about who does
what in which location space at home. As Homo sapiens, we are generally more
territorial and each one needs her or his space, we are all struggling with our
privacy and convenience in consumption.
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