How a pandemic like COVID19 can impact the attitudes of consumers towards consumerism: A literature review
Author | Marietta Poshi |
Pages | 57-63 |
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
HowapandemiclikeCOVIDcanimpacttheaitudesofconsumers
towards consumerism: A literature review
MarieaPoshi
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
saletooccurthereneeds tobeawillingexchange ofmoneyforaproduct orservicebetween
the parties involvedhence 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
ercecompetition wherethere isalways asubstitute fortheir purchasesThe consumerhas
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
timecompeting formarket share increasingsales brandrecognition withlile 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
successbythe amountofmaterial goodsitcan aordThereare limitedamounts ofneedsa
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
willexplore literature review to support the shi in consumers wants versus needs when
facedwithsignicantadversitysuchasaglobalpandemic
Keywords:ConsumerismConsumerBehaviorPanicPurchasePandemic
Introduction
The history of the world globalization has been an ongoing debate as to when it
startedexactlySomeresearchershavebeenabletotraceitback tothesShami
Williamson Countries have realized and accepted that economies of
scale can give them the opportunity for competitive advantage in the market place
HarrisonHiHosskinsonIreland Somecountriesare beeratproducing
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.
Theinnovationanduseoftechnologyhaveheightenedtheexpansionofglobalization
Fan Many companies that had their originof inception in one country are
nowglobalormultinationalcompaniessuchasBoeingandGeneralElectric
Globalizationhasendured manyobstacles howeverevenwiththeaggressivepush
andpressurefortheworldtobecomecohesiveandworktogetherIthasbeenabale
ofthestrongesteconomicallynanciallypoliticallyatugofwarinordertobalance
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