The Economic Influence on Consumers Buying Behavior in Islamic Countries: Evidence from the COVID-19 Economic Crisis

Mukit, M. M. H., Nabila, N. J., Abdel-Razzaq, A. I., & Shaznin, K. F. (2021). The economic influence on consumers buying behavior in Islamic countries: Evidence from the covid-19 economic crisis. ECONOMICS, 9(1), 179–204. Retrieved at https://doi.org/10.2478/eoik-2021-0003

25 Pages Posted: 21 Jun 2021 Last revised: 20 Jul 2021

See all articles by Mohammad Mushfiqul Haque Mukit

Mohammad Mushfiqul Haque Mukit

Jahangirnagar University - Department of Economics; East West University - Faculty of Business and Economics

Nusrat Jahan Nabila

Department of Business Administration, University of Asia Pacific (UAP)

Assim Ibrahim Abdel-Razzaq

Prince Mohammad Bin Fahd University

Kazi Fatema Shaznin

University of the West of England - UWE Bristol

Date Written: June 2, 2021

Abstract

The COVID-19 pandemic has ushered in a new age in the world. We are still grappling with the implications in various areas of our everyday lives. The impulsive buying habits of consumers, the supply chain, and the whole industry are not exceptions. Consumers and supply chains were both unprepared during the early stages of the novel Coronavirus pandemic. The procurement of utilitarian products was referred to as panic buying. The study examined using exploratory studies on several individuals in the eight selected Islamic countries who have been panic buying in coronavirus-affected areas and have faced regional constraints. The data apply on exploratory factor analysis (EFA) in eight selected Islamic countries, three hundred samples finally selected, and a good number of volunteers supported this study. The results have shown that a drastic financial effect on the economy where purchasing power and remittance inflow declined, inflation goes up and precaution for lockdown, whereas impulsive buying goods tendency increased due to misinformation, and panic buying immensely impact in the economy. The decision-making process has shifted, preventing financial burdening, rising saving patterns, and unwelcoming unhealthy consumption. Moreover, visible psychological distress, depression, anxiety, and post-traumatic stress. These studies concluded with a policy recommendation providing the results.

Keywords: Consumer, Panic Buying, COVID-19, Depression, Economy, Health, Lock-down, and Islamic Countries.

JEL Classification: C23, C51, D12, M31, G2, G4, I1, M2

Suggested Citation

Mukit, Mohammad Mushfiqul Haque and Nabila, Nusrat Jahan and Abdel-Razzaq, Assim Ibrahim and Shaznin, Kazi Fatema, The Economic Influence on Consumers Buying Behavior in Islamic Countries: Evidence from the COVID-19 Economic Crisis (June 2, 2021). Mukit, M. M. H., Nabila, N. J., Abdel-Razzaq, A. I., & Shaznin, K. F. (2021). The economic influence on consumers buying behavior in Islamic countries: Evidence from the covid-19 economic crisis. ECONOMICS, 9(1), 179–204. Retrieved at https://doi.org/10.2478/eoik-2021-0003, Available at SSRN: https://ssrn.com/abstract=3865541

Mohammad Mushfiqul Haque Mukit (Contact Author)

Jahangirnagar University - Department of Economics ( email )

Savar
Dhaka, 1342
Bangladesh

East West University - Faculty of Business and Economics ( email )

Dhaka
Bangladesh

Nusrat Jahan Nabila

Department of Business Administration, University of Asia Pacific (UAP) ( email )

Green Road.
Dhaka, 1205
Bangladesh

Assim Ibrahim Abdel-Razzaq

Prince Mohammad Bin Fahd University ( email )

P.O. Box 1664
Al Khobar, 31952
Saudi Arabia
+966 (013) 849-9278 (Phone)

HOME PAGE: http://https://www.pmu.edu.sa/

Kazi Fatema Shaznin

University of the West of England - UWE Bristol ( email )

West Bristol
West Bristol
Bristol, BS16 1QY
United Kingdom

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