Question

Discuss how GLOBALIZATION and COVID-19 affect your consumption of products. (in 500 words)

Answer 1

The globalization came in as part of the economic reforms during 1991.Globalization and the subsequent advancements brought in so many changes in the consumption behaviour.As a result of globalization there were new products emerging in the market increased the consumer demand for various products and there was increase in the consumer activity.As a result of globalization the market economy improvised and major development took place.There was technological progress and the globalization in overall raised the standard of living of the consumers and as a result of globalization there were increasing job opportunities in the economy and as a result the income of the consumers also increased which created more demand for the consumer goods.Thus globalization in overall brought a positive impact on the consumer activity and increased the consumption of goods

COVID-19 on the other had very adverse affects on the consumer activity and on the consumption of the products.Due to pandemic and the social distancing as a part of the pandemic has brought in change in the consumption behaviour of the consumers.As the result of social distancing people prefer less to go to the stores directly for shopping and now most of the people prefer online shopping.As the result of pandemic there is increase in conscious consumption of goods.The consumers are only buying the essential goods which are really important.The attitudes,preferences and habits of the consumers had changed a lot due to the pandemic.The consumption of basic goods has increased and the consumption of luxurious goods has decreased.As a result of the pandemic the demand for the products such as sanitizers,masks etc.