Question

marketing

1-Write an essay on how post COVID 19 will influence the Consumer buying behavior related to their Social class, explain by giving an example of a product. (Chapter-5)

Answer 1

The COVID-19 situation has already started to change consumer buying behavior and its effect on the behavior of consumers is going to last for a longer tenure. In the absence of any Vaccines, people will remain following the social distancing in order to avoid contact. The impact of COVID-19 on the job uncertainties and long term impact on the global economy has forced consumers to review their buying behavior. A certain social class of consumers who used to be price-sensitive and were looking for the cheapest product available now opting for products that are safely procured and delivered to them even if it demands a premium pricing. such change is the need of the hour and this type of changed behavior of customers will last for a longer duration of time. Consumers are going to prefer those retail stores which are offering contactless shopping experience and similarly the customers who always hesitated to buy goods through e-commerce, now happily accepting the norms of e-commerce shopping.

There had been a surge of shared mobility for the middle and lower-income class of people, the rise of Uber and other similar cab services were a testament of the same. Post COVID-19 lockdown lifts people would prefer for their own means of transportation, as they would avoid the shared and public transport as much as possible. This might lead to a temporary rise in the sales of two-wheelers and an entry segment of four-wheelers. Today due to low consumption oil prices are at rock bottom and if the behavior of consumers changes to personal means of transportation, it will increase the oil demand exponentially. However, this changed behavior in means of commuting may lead to the early establishment of electric vehicles.

Another big change will come for the high-class consumers, for them, it is going to be a paradigm change in behavior, as a visit to clubs and lounges are going to be limited, less frequent dinners in restaurants. This will lead to the creation of a place that either gives the privacy of more self-service. We can see the transformation of a full service restaurant into a self-service mode of operation.

Therefore, COVID-19 is going to have a long term impact on the consumer behaviour and we will see many consumers have adopted to the new behaviour which was not the charecteristics of their class.