There are psychological or emotional factors that constitute a large part of consumers’ buying behaviour.
Coping mechanism: The trend of ‘revenge spending’ is clearly seen in the midst of a major upheaval such as the Covid-19 pandemic. — MARK HILLARY/Creative Commons
One clear example is Covid-19, which served as a shock that greatly influenced decision-making and buying behaviour. Because the psychological perspective of disruptive life events caused by external factors is often not accounted for, it may be tricky for policymakers to find a solution to overcome this compared with price stabilisation policies to control inflation.Consumers are causing inflation in several ways. The current transition phase of the pandemic has seen a significant change in consumer behaviour in what we term “revenge spending” or “revenge buying”.
While panic or impulse buying may have started as a result of misinformation, many unplanned purchases could have led to revenge buying. Unexpected incidents such as pandemics, wars or terrorist attacks can highlight the reality of an individual’s mortality and anxious responses can manifest in different ways.
Studies have shown that Covid-19 contributed to impulse-buying behaviour of fitness products in the United States. Further, in the United Kingdom, fear and vulnerability during Covid led to impulse buying.
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