Essay on Changing dynamics of consumerism in the post-COVID-19 society for Class 10, 12, Mains Exam (UPSC, PSC, SSC)
Changing dynamics of consumerism in the post-COVID-19 society Essay : The unprecedented Covid-19 Pandemic also known as the CoronaVirus Pandemic has drastically altered the lifestyle of Indian Citizens. It has brought about a paradigm shift in the way people consume daily luxury products for their existence. In the post-pandemic era. Indian consumers’ optimism can be seen to be steadily persistent. The pandemic era witnessed consumer behaviours, and attitudes to be centred around basic needs, people are purchasing more consciously from the local markets and accepting digital commerce more openly.
Discussion
The category spending on essentials like food, medicines and clothes has stabilized whereas spending on luxury products like fashion accessories, automobiles discretionary objects has consistently risen in 2020. More than 70% of consumers are concentrating on outside activities like shopping, travel, entertainment and social gathering returning to the behavioural trends of the pre-covid era.
In general, there are four factors that impact consumer behaviour. The factors are cultural, social, personal and psychological. The consumer trend in the post-pandemic era spans all aspects of life. While digital and e-commerce continue to dominate 75% of the economy. The data collected in India in August 2022 states there has been an emergence of dual behaviours. While there has been an increase in prices but the top priority of consumers has been valuing money.
This would result in shortages of supply and an increase in prices of conventional energy sources like fuel prices.
Homegrown leather, textile and clothing industries suffered the most during the pandemic situation. In addition to the list of industries, construction, manufacturing and contact-intensive services such as trade, transport and hospitality industries had encountered the worst financial crisis. On the other hand, the Information Technology and medical industries saw a major rise in their profits by the virtue of increased necessity during the pandemic era.
On the contrary, the industries that had the worst fall during the pandemic era were revived by the changing consumerist behaviours after the pandemic.
Self-Servicing has become commonplace. The Buy Online Pickup In-Store(BPIS) and Buy online and Ship to Store (BOSS) have become the norm. Online stores like Adidas, and Myntra through amazon and Flipkart have normalised the trend of online shopping.
Another major area where COVID-19 has rapidly expanded into becoming a necessity is online payment. Online payment companies like Paytm and Google pay has set a new trend in a financial transaction.
Conclusion
The period of contagion, social distancing and uncertainty has brought about a paradigm shift in consumer behaviour trends. All the factors that affect consumer trends; psychological, motivational, social and perception have been influenced. The medical industry was profitable for the consumers were insecure and were relentless about getting medical facilities. Motivated by keeping a safe social distance and keeping sufficient stocks of necessary items like food, online shopping trends became the norm. Consumers resorted to individual activities rather than socializing for which the hospitality sector suffered. Since education is one of the fundamental rights of children the perceived importance of education kept it continued by adapting novel means of online classes. To conclude, covid 19 situation has led to the rise of novel trends in consumer behaviour, reviving a few pre-pandemic trends and ending the most obsolete ones.
FAQs
Q1. What is consumerism ?
Ans: Consumerism refers to the changing behaviours and trends of consumers in purchasing goods and services during different eras.
Q2. What are BPIS and BOSS?
Ans: Self-Servicing has become commonplace. The Buy Online Pickup In-Store (BPIS) and Buy online and Ship to Store (BOSS) have become the norm. Online stores like Adidas, Myntra through amazon and Flipkart have normalised the trend of online shopping.
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