How a pandemic like COVID19 can impact the attitudes of consumers towards consumerism: A literature review

• Date: 01 June 2020
• Author: Marietta Poshi

European Journal of Economics, Law and Social Sciences

IIPCCL Publishing, Graz-Austria

Vol. 4 No. 2

June, 2020

ISSN 2519-1284

Acces online at www.iipccl.org

57

HowapandemiclikeCOVIDcanimpacttheaitudesofconsumers

towards consumerism: A literature review

MarieaPoshi

Abstract

The marketplace and the economy are constantly evolving while at the center of it all remains

the consumer as the necessary party for transactions and revenue generation. In order for a

saletooccurthereneedstobeawillingexchangeofmoneyforaproductorservicebetween

the parties involvedhence making the consumer a vital part of the marketplace The st

century consumer is now a global one, who has evolved past the local markets and is constantly

looking for more, either it being quality, quantity, support, and overall value in their purchases.

The global market place has enabled the consumer and positioned them at the forefront of a

ercecompetitionwherethereisalwaysasubstitutefortheirpurchasesTheconsumerhas

optionsto choose from until those options are no longer available due to shortages caused by

panic buying while facing a pandemic. The forefront of organizations has been for quite some

timecompetingformarketshareincreasingsalesbrandrecognitionwithlileregardsfor

sustainability and the future. The competition has had its advantages and disadvantages for

the consumers. One of the major disadvantages is that the modern society we live in, measures

successbytheamountofmaterialgoodsitcanaordTherearelimitedamountsofneedsa

consumer has and an unlimited amount of wants. Organizations compete with each other by

creating more wants disguised as needs. When faced with a world pandemic, consumers turn

to panic purchasing of essentials in order to survive. The panic obtaining impact production,

resources, and have an overall psychological bearing on consumerism. This research paper

willexplore literature review to support the shi in consumers wants versus needs when

facedwithsignicantadversitysuchasaglobalpandemic

Keywords:ConsumerismConsumerBehaviorPanicPurchasePandemic

Introduction

The history of the world globalization has been an ongoing debate as to when it

startedexactlySomeresearchershavebeenabletotraceitbacktothesShami

 Williamson  Countries have realized and accepted that economies of

scale can give them the opportunity for competitive advantage in the market place

HarrisonHiHosskinsonIrelandSomecountriesarebeeratproducing

and serving than others for various reasons such as skilled work force and available

resources. Also, being involved in global trade enhances and improves overall the

quality of livingas research and developments are sharedacross various industries.

Theinnovationanduseoftechnologyhaveheightenedtheexpansionofglobalization

FanManycompaniesthathadtheiroriginofinceptioninonecountryare

nowglobalormultinationalcompaniessuchasBoeingandGeneralElectric

Globalizationhasenduredmanyobstacleshoweverevenwiththeaggressivepush

andpressurefortheworldtobecomecohesiveandworktogetherIthasbeenabale

ofthestrongesteconomicallynanciallypoliticallyatugofwarinordertobalance