Question

What effects does the covid-19 crisis have on preference ordering?

Answer 1

In economics the preference ordering refers to a preference of an individual over available alternatives based on the relative utility that results to an optimal choice. Covid-19 pandemic has changed the approach of the people on their preferences. The virus Covid-19 pandemic has changed the way the people shop, communicate and work with others than any other disruption that occurred in the recent past. Today majority of the people start working from home, stepping outside only for buying the essentials, sticking to basics needs and are worried constantly about the risks of catching the virus in crowded places like supermarkets and malls. The people move more towards the digital. Thus we can conclude that covid-19 crisis can be primarily shaped by two main shifts in behaviour preference ordering of customer - the reluctance to mingle in places that are heavily crowded and higher propensity for moving more towards the digital.