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Posted: March 11th, 2024
The long-term impact of the corona virus on consumer buying behavior
Think back to the retail purchases that you made prior to March 2020 and then consider the purchases that you have made since the shelter-in-place order and social distancing went into effect. If you are like most Americans, you have seen a major shift in your buying behavior.
For this assignment, first read the following article from Forbes titled “After Panic Buying Subsides, Will Coronavirus Make Lasting Changes to Consumer Psychology?” (Links to an external site.)
After reading the article,consider the following purchase categories that you routinely buy products and/or services.
- Items for Home
- Items for School
- Items for Entertainment
- Items for Everyday Use (food, toiletries, paper goods, etc.)
Consider the four categories and then select three categories to use for the this assignment. Identify one product and/or service in each of the three categories (a total of three) that you purchased prior to the March 2020 and one product and/or service in each of the three categories (a total of three) that you purchased after the March 2020 shelter-in-place order. Explain whether each purchase was:
- A need or want
- The decision path that you followed – Cognitive, Emotional, Habit
- How or if the motivation behind this purchase changed since the coronavirus pandemic
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