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
Date Written: June 2, 2021
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
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