Question no 1#

Although many socio-economic factors affect consumer buying behaviour, economic factors
directly predict consumer behaviour. Personal income and family income define the buying
priorities of a consumer. Other factors like savings and black-ink items affect the buying
decisions.
Question2.
Age is essential in deciding what one should buy or want to buy. Their spending limits, self-
experience and age group, influence the buying needs of a consumer.
Question no. 3
Does Covid-19 increase the effects of these factors? How?
The covid-19 pandemic globally changes the buying behaviour of the consumer. Although, it
affects every individual differently. Some consumers become more conscious of their buying
attitude, as the economic crisis also affects their psychological functioning. So, they try to avoid
random purchasing to save money. On the other hand, some people's impulsive buying behaviour
increase, as they have much time to spend on product hunting and window shopping. So, they
randomly buy the stuff. They use it as a coping method from the depressing effects of the
pandemic situation.
Question 4#
How does the fear of losing a job affect the consumers of baby boomers, generation X and Y?
The covid-19 impacted millions; nearly 20% of millennials lost their jobs due to pandemics.
Every 3 out of 10 millennials complain about the pay cut. This increases the fear of losing jib in
the generation. While baby boomers were not highly affected due to pandemic activities as most
of them got retired or had higher ranks. Which decreases the fear of losing jobs.
Question 5#
What are the usual changes noticed in the consumer buying behaviour for luxury products?
Even after the economic crisis due to the pandemic, consumers still buy luxury items. According
to facts, luxury product purchases increased by 22% in 2019.
Question no #6
What are the factors which cause these changes?
This increase in buying luxury products is due to easy availability. Brands make their products
accessible online, and consumers purchase everything sitting on their couches with a single click.
Buying luxury items works as a therapy for most people. The stress or anxious environment
increases the ergs of purchasing luxury products to get satisfied.
Question 7#
Does the decision-making process of consumers also change?
The decision-making process from pre-pandemic to post-pandemic has hanged. The consumer
starts buying individual products instead of social products. The satisfaction level also decreased
during post-pandemic, and customer loyalty was reduced.
Question no8 # What are the factors which cause these changes?
A higher level of stress and isolation is the most critical factor in changing consumer behaviours.
Also, the instability of the economic situation affects the buying decision of consumers.