Covidomics & covidocial impacts: The relation between consumers’ fear of Covid-19, panic spending and saving behavior
Keywords:COVİD-19, Consumer Behavior, Pandemic, Saving Behavior, Spending Behavior, Fear, Panic Spending
In this study, the fear created by the Covid-19 global epidemic on consumers (general fear of viruses and fear of activity), spending (cleaning products, preventive health products, fresh and organic food and vitamin/mineral support, clothing, education, home purchasing, vehicle, loan. The relationship between buying, rental, fashion, vacation, travel, entertainment, electronics, home decor/furniture, mobile phone, activity and general) and savings have been tested. For this purpose, in order to test the relationship between fear, saving, and spending during the Covid-19 pandemic process, a Likert-scale online survey link was shared on social networks (Twitter, LinkedIn). The total of 385 surveys was analyzed using Google Form and SPSS program (Anova, Regression). As a result of the analysis, fear (general fear and fear of activity), spending (education, vehicles/cars, monopoly products, and tobacco products, games of chance, home buying and renting, loans, luxury/fashion, games, and toys, vitamins, minerals, and food support, public services, home, and furniture décor, electronic products (including mobile phones) expenditures remained the same, protective healthcare products, cleaning products, fresh and organic food expenditures increased, travel, public transportation expenditures decreased, holiday and entertainment expenditures decreased significantly). In the research, it was determined that 42% of the participants increased their savings by 30.5% slightly, and the amount of savings did not change at all for 27% of the participants. According to the results, as consumers' fear of Covid-19 increases, some spending categories (health products, cleaning products, fresh and organic food spending) and savings rate increase. In addition, it was observed that 90% of the participants canceled their expenses due to Covid-19. As a result of the research, significant relationships were found between the variables of fear, saving, and spending during the Covid-19 pandemic process.
Arora, N., Pflumm, S. Rodriguez, L., Robinson, K., Bhargav, S., Tamara, R.D., Rishi, A., Grimmelt, A., Sexauer, C. & Tormo, S. (2020). Survey: US consumer sentiment during the coronavirus crisis. Retrieved from https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-us-consumer-sentiment-during-the-coronavirus-crisis
Arthur, S. & Henry, M. (2020, April). Tüketici ?çgörüleri. Belirsizlik zamanlar?nda tüketiciler finansal durumlar?n? nas?l koruyor? Retrieved from https://www.thinkwithgoogle.com/intl/tr-tr/icgoruler/tuketici-trendleri/belirsizlik-zamanlarinda-tuketiciler-finansal-durumlarini-nasil-koruyor/
Aytekin, M. & Ekinci, G. (2014). Demographic characteristics of consumer buying behavior effects of environmentally friendly products and an application in Gaziantep. The Business & Management Review,5(1), 72-82
Bacquet, P.F., Gilavert, M. & Hequet-Cotin, C. (Dec 11, 2020). Survey: French consumer sentiment during the coronavirus crisis. Retrieved from https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-french-consumer-sentiment-during-the-coronavirus-crisis#:~:text=Survey%3A%20French%20consumer%20sentiment%20during%20the%20coronavirus%20crisis,-December%2011%2C%202020&text=As%20France%20goes%20through%20its,in%20the%20spring%20of%202020.
Bagozzi, R.P., Gurhan-Canli, Z. & Priester, J. R. (2002). The Social Psychology of Consumer Behaviour. Buckingham: Open University Press.
BBC (2020a, April, 28). Koronavirüs salg?n? tüketici al??kanl?klar?n? nas?l de?i?tiriyor? Retrieved from https://www.bbc.com/turkce/haberler-dunya-52448919
BEA (Bureau of Economic Analysis) (2020a). Personal Saving Rate. Retrieved from https://www.bea.gov/data/income-saving/personal-saving-rate
BEA (2020b). Disposable Personal Income Retrieved from https://www.bea.gov/data/income-saving/disposable-personal-income
Bendau, A., Petzold, M.B., Pyrkosch, L., Maricic, LM., Betzler, F., Große, J., Ströhle, A. & Plag, J. (2020). Associations between COVID-19 related media consumption and symptoms of anxiety, depression and COVID-19 related fear in the general population in Germany. Eur Arch Psychiatry Clin Neurosci. 1-9 . doi:10.1007 / s00406-020-01171-6
Bland, P. (2020). Supporting Brands’ Response Enabling Recovery and Returning To Growth Amids Covid-19 (Coronavirus). Retrieved from https://www.iprospect.com/en/gb/news-and-views/insights/response-recovery-and-return-to-growth-amidst-covid-19-11-may-2020/
Bland, P., Williams, M., Verschuren, R., Dimond, D. & Newman, D. (2020) Tracking Consumer Behaviour Change Amidst COVID-19 (Coronavirus). iPROSPECT Retrieved from https://www.iprospect.com/en/gb/news-and-views/insights/tracking-consumer-behaviour-amidst-covid-19-27-march-2020/
Blanchard, C. M., Kupperman, J., Sparling, P. B., Nehl, E., Rhodes, R. E., Courneya, K. S., & Baker, F. (2009). Do ethnicity and gender matter when using the theory of planned behavior to understand fruit and vegetable consumption? Appetite, 52(1), 15-20.
Boata, A., Holzhausen & A., Subran, L. (2020). Europe Should Unlock Excess Savings From Covid-19 Response, 22 April 2020. Allianz Research. Retrieved from https://www.eulerhermes.com/content/dam/onemarketing/ehndbx/eulerhermes_com/en_gl/erd/publications/the-watch/2020_04_22Covidexcesssavings-final.pdf
Botti, S. & McGill, A. L., (2011). The Locus of Choice: Personal Causality and Satisfaction with Hedonic and Utilitarian Decisions. Journal of Consumer Research. 37 (6), 1065-78.
Bray, J. (2008). Consumer Behaviour Theory: Approaches and Models. Discussion Paper. Unpublished. (Unpublished). pp. 1-33. http://eprints.bournemouth.ac.uk/10107/1/Consumer_Behaviour_Theory_-_Approaches_%26_Models.pdf
Brown, J.H. & Oplatka, I. (2016). Introduction to Higher Education Consumer Behaviour. Higher Education Consumer Choice doi: 10.1007/978-1-137-49720-8_1
Castillo, J. Marcos, I., Omeñaca, J., Ortega, M., Carlos, S. A. & Staack, Y. (2020, December 14). Survey: Spanish consumer sentiment during the coronavirus crisis. Retrieved from https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-spanish-consumer-sentiment-during-the-coronavirus-crisis
Catena, M., Longo, R., Romeo, R., Samiani, M. & Zizioli, M. (2020). Italian Consumers’ Optimism About An Economic Recovery Has Held Fairly Steady, Even As Restrictions Have Started To Loosen. Research Survey. McKinsey& Company Website. https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-italian-consumer-sentiment-during-the-coronavirus-crisis
Child, J., Smith, T.R. & Tesviç, J. (2020). Survey: Australian consumer sentiment during the coronavirus crisis. Research Survey. McKinsey& Company Website https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-australian-consumer-sentiment-during-the-coronavirus-crisis
Cialdini, R. (2006) The psychology of Persuasion. Publisher: New York :HarperCollins e-books. Retrieved from http://elibrary.bsu.az/books_400/N_232.pdf
Cranfield J. (2020). Framing consumer food demand responses in a viral pandemic.Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, 10.1111/cjag.12246. doi:/10.1111/cjag.12246
Chronopoulos, D.K., Lukas, M. & Wilson, J.O.S. (2020). Consumer Spending Responses to the COVID-19 Pandemic: An Assessment of Great Britain. ERC Res. Pap. Covid Economics, 145 – 186. Retrieved from https://scholar.google.com/citations?user=gchHO1QAAAAJ&hl=en
Duhachek, A. & Kelting, K. (2009). Coping Repertoire: Integrating a New Conceptualization of Coping with Transactional Theory, Journal of Consumer Psychology, 19 (3), 473-85.
Durante, K.M. & Laran, J. (2016). The Effect of Stress on Consumer Saving and Spending, Journal of Marketing Research. 1-56. https://journals.sagepub.com/doi/10.1509/jmr.15.0319
EST, Eurostat Statistics Explained (2020). Impact of Covid-19 crisis on non-financial corporation and household accounts. Retrieved from https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Impact_of_Covid-19_crisis_on_non-financial_corporation_and_household_accounts&stable=0&redirect=no#Household_gross_disposable_income.2C_saving_and_investment_rates).
Euromonitor (2020a). The Impact of Coronavirus on Top 10 Global Consumer. Retrieved from https://www.euromonitor.com/the-impact-of-coronavirus-on-top-10-global-consumer-trends-2020/report 08.08.2020
Fish, D. (2020). Heroes and Zeroes: How Organizations are Treating Customers and Employees During the COVID-19 Pandemic. Retrieved from https://customerthink.com/heroes-and-zeroes-how-organizations-are-treating-customers-and-employees-during-the-covid-19-pandemic/
Foroughi, A., Buang, N. A., Che Senik, Z., & Sadat Hajmisadeghi, R. (2013). Impulse buying Behaviour and Moderating role of gender among Iranian Shoppers. Journal of Basic and Applied Scientific Research, 3(4), 760–769.
Genç, S. (2020). Covid-19 Tüketiciler Ne ?stiyor? Markalar Ne Yap?yor? Retrieved from https://hbrturkiye.com/blog/covid-19-tuketiciler-ne-istiyor-markalar-ne-yapiyor
Girod, S.J. G. (2020). Five New Trends That Will Reshape Luxury After COVID-19. Retrieved from https://www.forbes.com/sites/stephanegirod/2020/04/19/five-inflection-points-that-will-reshape-luxury-with-covid-19/#70d8b75e4eb1
Giugliano, F. (2020, April 08). Italy Has More to Fear Than the Coronavirus. Bloomberg Retrieved from https://www.bloombergquint.com/gadfly/coronavirus-italy-has-more-to-fear-than-covid-19.
Greer, G. (2020). Survive to Thrive Data Blog Series: Consumer Saving During COVID-19 and the PFM Opportunity. Retrieved from https://www.celent.com/insights/131256862
Grimmelt, A., Hattingh, D. & Ramlaken, S. (2020a). Survey: South African consumer sentiment during the coronavirus crisis. McKinsey & Company. Retrieved from https https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-south-african-consumer-sentiment-during-the-coronavirus-crisis
Grimmelt, A., Mckinsey Stamford; Iftahy,A., Mellens, M. &Youssef, A. (2020b). Survey: Saudi consumer sentiment during the coronavirus crisis. McKinsey & Company. Retrieved from https https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-saudi-consumer-sentiment-during-the
Gunday, G., Kiladze, K. & Staack, Y. (2020). Survey: UK consumer sentiment during the coronavirus crisis. McKinsey & Company. Retrieved from https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-uk-consumer-sentiment-during-the-coronavirus-crisis 28.07.2020
GWI (GlobalWebIndex). Coronavirus Research :| April 2020 Multi-Market Research Wave 3 Retrieved from https://www.globalwebindex.com/hubfs/1.%20Coronavirus%20Research%20PDFs/GWI%20coronavirus%20findings%20April%202020%20-%20Multi-market%20research%20(Release%209).pdf
Harvard Business School (2020). Global Behaviors and Perceptions at the Onset of the COVID-19 Pandemic. Working Knowledge Business Research for Business Leaders. Retrieved from https://hbswk.hbs.edu/item/global-behaviors-and-perceptions-at-the-onset-of-the-covid-19-pandemic?cid=spmailing-32210723-WK%20Newsletter%2005-20-2020%20(1)-May%2020,%202020
Harvey, J., Erdos, G., Challinor, S., Drew, S., Taylor, S., Ash, R., Ward, S., Gibson, C., Scarr, C., Dixon, F. & Hinde, A. (2001). The relationship between attitudes, demographic factors and perceived consumption of meats and other proteins in relation to the BSE crisis: a regional study in the United Kingdom. Health, Risk & Society, 3(2), 181-197.
Ho, J., Zhang, C., Kim, A., Lerkriangkraisorn, V. & Wu, O. (2020). Survey: Chinese consumer sentiment during the coronavirus crisis. McKinsey & Company. Retrieved from https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-chinese-consumer-sentiment-during-the-coronavirus-crisis
Hoyt, C. (2010). Touching the elephant, Markus, S. and Maila, V. (Eds), Shopper Marketing: How to Increase Purchase Decisions at the Point of Sale. (2nd Edition, pp. 161-168) London: Kogan Page Publishers.
I??n, F. B. (2020a, May 04) Koronavirüs Salg?n?nda Tüketici E?ilimleri Retrieved from http://feridebaharisin.com/koronavirus-salgininda-tuketici-egilimleri-kobi-aktuel/
Kahneman, D. ve Tversky, A. (1979). Prospect Theory: Decision Making Under Risk. Econometrica, (47),2: 263-292. doi:10.2307/1914185
Kikuchi, S., Kitao S. & Mikoshiba, M. (2020). Heterogeneous Vulnerability to the COVID-19 Crisis and Implications for Inequality in Japan. Research Institute of Economy, Trade and Industry (RIETI): Discussion papers 20039, Research Institute of Economy, Trade and Industry (RIETI).
Koslow, L., Lee, J., Bharadwaj, A., Sanghi, K. & Barrios, G. (2020a) COVID-19 Consumer Sentiment Snapshot #5: A Story for the Ages. BCG. Retrieved from https://www.bcg.com/publications/2020/covid-consumer-sentiment-survey-snapshot-4-13-20.aspx
Koslow, L., Lee, J., Tsusaka, M. Bharadwaj, A., Wegner, M. Sanghi, K. & Jain, N. (2020b, May 06). COVID-19 Consumer Sentiment Snapshot: Special Feature—Asia-Pacific A (More) Digital World. BCG Retrieved from https://www.bcg.com/publications/2020/covid19-consumer-sentiment-special-feature-asia-pacific.aspx
Kotler, P., & Armstrong, G. (2018). Principles of Marketing (17 ed.). Harlow: Pearson Education
Leone, L., Perugini, M. Ercolani , A. P. 2004. Studying, Practicing, and Mastering: A Test of the Model of Goal-Directed Behavior in the Software Learning Domain. Journal of applied social psychology. 34 (9), 1945-1973.
Lidwell, W., Holden, K. & Butler, J. (2006). Universal Principles of Design, Revised and Updated: 125 Ways to Enhance Usability, Influence Perception, Increase Appeal, Make Better Design Decisions, and Teach through Design Retrieved from https://books.google.com.tr/books?id=l0QPECGQySYC&pg=PA216&lpg=PA216&dq=Robert+Cialdini+limited+access+principle&source=bl&ots=_P591fBbEu&sig=ACfU3U2iPTVqnlABkX6lwLZEbEu3Erq0SQ&hl=tr&sa=X&ved=2ahUKEwjkhaO1-7PqAhV0wuYKHbjOBnQQ6AEwDnoECAgQAQ#v=onepage&q=Robert%20Cialdini%20limited%20access%20principle%20cialdini&f=false
Mansoor, D. and Jalal, A. (2011). The Global Business Crisis and Consumer Behaviour: Kingdom of Bahrain as a Case Study. International Journal of Business and Management, 6(1), 104-115
Meyer, S. (2020). Understanding the COVID-19 Effect on Online Shopping Behavior Retrieved from https://www.bigcommerce.com/blog/covid-19-ecommerce/#understanding-panic-buying-and-coronavirus
Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A. Iosifidis, C. Agha & Agha, R. (2020). The socio-economic implications of the coronavirus pandemic (COVID-19): A review International Journal of Surgery, 78(7), 185-193 doi: 10.1016/j.ijsu.2020.04.018
McMullan, L., Duncan, P., Hulley-Jones, F. & Blight, G. (2020, July 22). he psychological toll of coronavirus in Britain – a visual guide. The Guardian. Retrieved from https://www.theguardian.com/world/ng-interactive/2020/jul/22/psychological-toll-coronavirus-britain-visual-guide-anxiety-mental-strain 07.08.2020
Numerator Intelligence (2020a, April 02). 4/2 Update: The Impact of Coronavirus (COVID-19) on Consumer Behavior Retrieved from https://www.numerator.com/resources/blog/update-impact-coronavirus-covid-19-consumer-behavior-us
Numerator Intelligence (2020b, May 14). 5-14 Update: The Impact of Coronavirus (COVID-19) on Consumer Behavior. Retrieved from https://www.numerator.com/resources/blog/update-impact-coronavirus-covid-19-consumer-behavior-us-9
OECD, (2020). OECD Economic Outlook, June 2020 The World Economy On A Tightrope Retrieved from https://www.oecd.org/economic-outlook/
Popper, R., Smits, G., Meiselman, H. L. & Hirsch, E. (1989). Eating in Combat: A Survey of US Marines. Military Medicine, 154 (12), 619-23. doi:10.1093/milmed/154.12.619
Radu, V. (2019.) Consumer behavior- in marketing-patterns, types, segmentaion. Retrieved from https://www.omniconvert.com/blog/consumer-behavior-in-marketing-patterns-types-segmentation.html
Schmidt, J.K., Perrey, J., Leibbrand, J., Spillecke, D. & Staack, Y. (2020, December 14). Survey: German consumer sentiment during the coronavirus crisis Retrieved from https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-german-consumer-sentiment-during-the-coronavirus-crisis 28.07.202
Sheth, J. (2020). Impact of Covid-19 on consumer behavior: Will the old habits return or die? Journal of Business Research, 117(2020) 280–283. doi.org/10.1016/j.jbusres.2020.05.059.
Singh, A.(2020, April 09). Consumer spending and consumption to be severely impacted by COVID-19 crisis. TheWeek. Retrieved from https://www.theweek.in/news/biz-tech/2020/04/09/consumer-spending-and-consumption-to-be-severely-impacted-by-covid-19-crisis.html 03.08.2020
Sinha, S. (2020, Jun 01). Are indians spending less, saving more during covid-19 lockdown? Here’s what SBI research reveals.Financial Express. Retrieved from https://search.proquest.com/newspapers/are-indians-spending-less-saving-more-during/docview/2407982577/se-2?accountid=15958
Statista (2020). Number of confirmed coronavirus (COVID-19) cases in Spain between February 12 and July 29, 2020 Retrieved from https://www.statista.com/statistics/1107415/confirmed-coronavirus-cases-spain-march/
Statista (2020b). Confidence in organizations to handle the coronavirus (COVID-19) outbreak in France in 2020 Retrieved from https://www.statista.com/statistics/1103749/organizations-confidence-coronavirus-france/
Statista (2020c). Are you worried about the spread of the COVID-19 coronavirus in France? Retrieved from https://www.statista.com/statistics/1101013/worried-coronavirus-france/
Taylor, S. (2020, April 07). For the generation shaped by coronavirus, life may never fully return to ‘normal'. The Guardian. Retrieved from https://www.theguardian.com/commentisfree/2020/apr/07/life-never-return-normal-coronavirus-shape-generation
Türkiye Ekonomi Politikalar? Ara?t?rma Vakf? TEPAV (2020a) COVID-19’un tüketici harcamalar?na etkisi. Mart 2020 N202007 Retrieved from https://www.tepav.org.tr/upload/files/1585626661-9.COVID_19___un_tuketici_harcamalarina_etkisi.pdf
The Guardian (2020e, July 15). Revealed: Italy's call for urgent help was ignored as coronavirus swept through Europe Retrieved from https://www.theguardian.com/world/2020/jul/15/revealed-the-inside-story-of-europes-divided-coronavirus-response
Throop, A.W. (1992). Consumer Sentiment: Its Causes and E_ects. Economic Review, 1, 35–59.
Türkiye ?statistik Kurumu [TU?K] (2020). Konular?na Göre ?statistikler Adrese Dayal? Nüfus Kay?t Sistemi Retrieved from http://www.tuik.gov.tr/PreTablo.do?alt_id=1059
World Health Organization [WHO] (2020d). WHO Coronavirus Disease (COVID-19) Dashboard. Retrieved from https://covid19.who.int/
How to Cite
Copyright (c) 2021 Gul Ekinci
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors contributing to IJRBS agree to publish their articles under the Creative Commons Attribution- 4.0 International (CC BY 4.0) license, allowing third parties to share their work (copy, distribute, transmit) and to adapt it, under the condition that the authors are given credit, that the work is not used for commercial purposes, and that in the event of reuse or distribution, the terms of this license are made clear. Authors retain the copyright of their work, with first publication rights granted to IJRBS. However, authors are required to transfer copyrights associated with commercial use to the Publisher. The authors agree to the terms of this Copyright Notice, which will apply to this submission if and when it is published by this journal
Submission of an article implies that the work described has not been published previously (except in the form of an abstract or as part of a published lecture or academic thesis), that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, it will not be published elsewhere in the same form, in English or in any other languages, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication